Ethiopian Prime Minister Hailemariam Desalegn speaks during the inauguration of Dangote Cement factory, located 90 kilometres from the Addis Ababa capital, on June 4, 2015. PHOTO | ANDUALEM SISAY
What you need to know:
Dangote runs cement factories in Senegal, in Zambia and South Africa as well as one in Cameroon.
The company's plans to enter the Kenyan market are at an advanced stage, which is part of the firm's ambitious plan to spread across Africa.
Nigerian tycoon investor, Alhaji Aliko Dangote, has ventured into the Ethiopian construction sector.
This is after the Dangote Group, a company owned by Africa's richest man according to Forbes Magazine, opened a $600 million cement factory on Thursday. The facility has an initial annual production capacity of 2.5 million tonnes of cement, expected to double later.
Located 90 kilometers North West of the capital, Addis Ababa, the factory will serve the country whose cement needs are expected to grow by 5 million tonnes in a year.
The country's economy has been a growth trajectory, mostly driven by agriculture, and large scale construction.
During the event to commission the facility, Ethiopian Prime Minister, Hailemariam Desalegn, invited investors into the Horn of Africa country saying the it's rising demand was an opportunity.
The leader pledged billions of US dollars to solve logistical bottlenecks that have made the country a bit unattractive.
Ethiopia has a population of 95 million and a fast growing middle class.
Dangote Cement, which is the single largest investment by an African entrepreneur in Ethiopia, promises thousands of jobs.
It is also expected to boost production capacity of local cement factories from the current 12.5 million metric tonnes per year to 15 million metric tonnes.
Godwin Emefiele, Central Bank Governor of Nigeria said at a time when the economies of sub-Saharan Africa seem to slow because of external factors, cement plants like this enhance the continent’s self-sufficiency and boost African countries economic development.
Dangote runs cement factories in Senegal, in Zambia and South Africa as well as one in Cameroon. The company's plans to enter the Kenyan market are at an advanced stage, which is part of the firm's ambitious plan to spread across Africa.
