CAMEROON: Dangote signs $115m cement deal in Douala

THE Republic of Cameroon and Dangote Group, yesterday, signed a $115 million investment agreement for the construction of a composite cement production plant, expected to produce 1.5 million tonnes of cement yearly in Douala, Cameroon.

The agreement, which the company described as the first tranche of a $700 million long-term investment projection in Cameroon’s real sector arms, was signed by President of Dangote Group, Alhaji Aliko Dangote and the Prime Minister and Head of Government of Cameroun, Philémon Yang, at a colourful ceremony in the East African country.

Other Camerounian government officials who signed parts of the agreement included the Minister of Commerce, Mbarga Atangana, Minister of States for Transport, Bello Bouba Maigari, Governor of Douala, Francis Fai Yengo and the Director-General of the Cameroon Ports Authority, Dayas Monoume Jean Marcel.

Speaking after the endorsement, Yang praised the Nigerian investment drive in her neighbouring country, saying the action would go a long way to improve economic and political cooperation between the two countries.

“I extend my congratulations to Dangote Group and its president, Alhaji Aliko Dangote, for this massive investment initiative in cameroun. It will certainly change the industrial landscape of Cameroon,” he said.

The Prime Minister commended Dangote for his belief in his country, even as he described him as an inspiration to other African investors.

According to him, “we salute the determination of Dangote, who believed so much in this project, did so much for the African community, and stopped at nothing to make it happen.”

While stating the country’s commitment to its responsibilities and obligations in the agreement, he said the achievement represented an endorsement of the industrial policy thrust of President Paul Biya.

“This is indeed a welcome development and in line with the renewed government policy of encouraging private sector growth and employment generation”| he said.

He expressed the hope that the project will be completed within the scheduled time frame of 14 to 18 months.

Referring to Dangote, he said: “We are familiar with your slogan, which is ‘nothing is impossible’ and we are happy to state that it is not very far from our own slogan in Cameroun, which is ‘nothing is impossible for Camerounians’”

At the foundation laying ceremony of the cement factory, within the premises of the country’s largest sea port, in the North Eastern city of Douala, Dangote said the project would be financed 100 per cent with funds raised outside Cameroun and therefore, would not put any pressure on the nation’s financial system.

He said the signing of the investment agreement for the development and operation of a quarry and cement grinding unit between Dangote Industries Limited and Cameroon, was a step forward in the mutually beneficial business relationship.

“From our projections, this $115 million project with an installed capacity of 1.5 million tonnes per annum, will take between 14 and 18 months to complete. We project that we will import one million tonnes of clinker per year. We hope to use up to 30 per cent of local raw material in line with our business philosophy of adding value to the economy, everywhere we operate.”