Mar 28, 2017 Last Updated 9:05 AM, Mar 28, 2017

Nigeria introduces Industrial Revolution Plan

ABN – The introduction of Nigeria’s Industrial Revolution Plan is expected to increase the country’s annual manufacturing revenue to US$25 billion.

It is hoped that the project will lift the manufacturing sector’s GDP from 7% to more than 10% over the next five years.

NIRP will fast-track industrialisation, accelerate economic growth and job creation and stop the drain on foreign reserves.

The project is based on sectors that the country has competitive and comparative advantages in such as agro-allied, metals, minerals, oil & gas, construction and light manufacturing.

@ABNetworkOnline

Ethiopia targets manufacturing investment

ABN – Ethiopia has announced plans target US$1 billion of annual investment in industrial parks over the next decade.

It is hoped that the industrial parks will help boost exports to make the country Africa’s top manufacturer.

International Finance Corporation and Chinese and European lenders and private-equity funds have already voiced interest in the project.

Ethiopian politician Arkebe Oqubay said: “In terms of industrial development and manufacturing development, we want to put Ethiopia number one in Africa.” 

@ABNetworkOnline

Dangote Cement constructs Tanzanian plant

ABN – Dangote Cement (NSE: DANGCEM) has started construction on a US$500 million cement factory in Tanzania.

Production at the plant is scheduled to begin in August of this year and it will have a production capacity of 3 million tonnes per annum.

Dangote Cement CEO Aliko Dangote announced that the company is confronted with the challenges of getting coal and natural gas to operate the plant.

Tanzania is said to have huge natural gas reserves and coal reserves of up to 5 billion tonnes.

However, due to poor infrastructure these reserves are hard to access and deliver.

Dangote has applied for a licence to construct a 75 megawatt coal-fired plant in the country, which will power the new cement plant.

@ABNetworkOnline

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