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    China remains Africa’s largest bilateral trading partner, accounting for 20% of the region’s exports and 16% of its imports.

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    The African Development Bank Group (AfDB) is rolling out Special Agro-Industrial Processing Zones (SAPZs) across Africa

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    Trump cuts see main African health agency turn to local funding

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    De Beers to shut down lab-grown diamond brand Lightbox

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    South Africa to revise cannabis food laws amid public backlash

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    PayPal finally launches Apple Pay support for its credit and debit cards

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    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

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    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

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Richest African man building fourth cement plant in Nigeria

The Itori plant is planned to produce clinker, which Dangote exports to countries including Cameroon and Senegal, the company said.

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03/02/2023
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Richest African man building fourth cement plant in Nigeria
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Africa’s richest man, Aliko Dangote, agreed with a Chinese firm to construct a 6 million-ton cement plant to expand output and exports in his home market of Nigeria.

The billionaire and China Sinoma International Engineering will build the plant in southwest Nigeria within 27 months, according to statement by Dangote Industries Ltd. On completion, the company’s fourth factory in the country will increase local output capacity to 41.25 million tons from 35.25 million tons.

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Africa’s biggest producer of cement is investing in additional capacity to meet strong demand in Nigeria and across Africa, where inadequate infrastructure has widened opportunities. An expansion in Nigeria will enable the company to ramp up exports and boost dollar receipts, required to ease a national shortage of foreign currency.

The Itori plant is planned to produce clinker, which Dangote exports to countries including Cameroon and Senegal, the company said.

Source: Bloomberg
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