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Dangote Starts $100 Million Truck Assembly In Lagos, Creates 3000 Jobs

Discussion in 'Nigeria News & Politics' started by Abasiofiok Bassey, Jan 16, 2017.

  1. Abasiofiok Bassey

    Abasiofiok Bassey Verified Moose Mod

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    Dangote Group of Companies, owned by the richest man in Afria, Aliko Dangote, is set to create about 3,000 jobs following the establishment of a $100million truck assembly plant in Lagos.

    According to Vanguard, the chief corporate communication officer of Dangote Group, Mr Anthony Chiejina confirmed the project, on Sunday, January 15, saying Dangote would be partnering with a leading Chinese Company, National Heavy Duty Truck Group Company Limited, SINOTRUK to produce trucks used mainly for haulage from its newly promoted assembly plant at Ikeja, Lagos.

    According to the deal agreement, the plant is 60% owned by Dangote Group, trading under Dangote Industries Limited, leaving SINOTRUK with the remaining 40% equity stake.

    The deal is reportedly valued at $100 million is expected to have an assembly plant that would produce 10,000 trucks annually. It was signed in May 2014 in China, making it the 8th of Shandong, China (SINOTRUK), to be built abroad.

    The truck assembly plant is expected to generate employment for an estimated 3,000 workers, when fully operational.

    According to Chiejina, the project had taken off and that when fully operational, the nation would be spared the huge forex spent in the importation of the heavy duty vehicles. He said there would be room for the expansion of the project in future to meet the national truck demand and possibly export to neighbouring countries to generate foreign exchange for the nation.

    Chiejina said Dangote has always believed that the current economic challenges when approached positively will make Nigeria stronger at the end of the day, pointing out that: “Alhaji Aliko Dangote still believes that Nigeria is one of the best places in the world to do business.”

    Apart from the truck assembly plant, Dangote is also looking at another project; a $17 billion, 650,000 barrels per day capacity Dangote Refinery, petrochemical and fertilizer plants located in Lagos. It is expected to begin operations in the next two years and creating over 300,000 direct and indirect jobs by first quarter of 2019, which would require a lot of long trucks for product distribution.

    Meanwhile, the latest Bloomberg Billonaires' Index released few weeks back revealed that Africa's richest person, Alhaji Aliko Dangote lost $4.9 billion or one-third of in 2016.

    According to the index, the combined effect of falling oil prices and the naira devaluation in June pushed the president of Dangote Group to the 112th richest person in the world with a net worth of $10.4 billion.

    Before the index, Dangote was the world’s 46th-richest person as of June this year.

    Dangote's fortune is in contrast to billionaires across Europe and the United States, as the world’s wealthiest people were ending 2016 with $237 billion more than they had at the start.
     
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