Dangote sets up $100 million vehicle assembly plant in Lagos
As part of efforts to confront the employment crisis in the country, Africa’s richest man and leading entrepreneur, Aliko Dangote is setting up a $100 million vehicle assembly plant in Lagos, South-West Nigeria.
Dangote according to Ecofin Agency report is partnering with National Heavy Duty Truck Group Company Limited, SINOTRUCK, to produce some thousands of trucks mostly used for haulage business from its newly promoted assembly plant at Ikeja, Lagos.
The deal is expected to have an assembly plant capable of producing 10,000 trucks per year and create jobs for about 3,000 workers, when fully operational. Under the deal, the plant will be 60% owned by Dangote Group, while SINOTRUK will hold the remaining 40% equity stake.
According to the Chief Corporate Communication Officer of Dangote Group, Anthony Chiejina, the project when fully operational, would spare the country the huge amount of foreign exchange being spent in the importation of the heavy duty vehicles.
Chiejina added that Dangote has always said that the current economic challenges when approached positively will make Nigeria stronger by the end of the day.