Mangal Industries have signed an agreement with a Chinese firm, Sinoma for the construction of 3 million metric tons per year cement plant and 50 Megawatts Captive Power Plant in Moba, Kogi State.
The two projects are to be completed in early 2024, Engineer Fahad Mangal, the Chief Executive Officer of the Mangal Industries said.
The total project cost is USD $600 million.
He explained in a statement that this investment is part of an ambitious investment program under the implementation by Mangal Industries Limited.
“The factory will rely on best available technology for cement production and in line with highest environmental standards,” Engineer Mangal said.
“It is designed to be one of the most sustainable in the sector.”
He further stated that Mangal is investing strategically in the West African cement industry to enable the Nigerian economy to bridge the huge infrastructure and housing deficit in the largest economy of the region.
“This investment reinforces Mangal’s commitment to Nigeria’s infrastructural and economic development and reflects its confidence in the favourable outlook of the economy in the country and the region.”