Nigerian BUA to invest $1.9 billion in cement and steel
Thursday, 18 February 2016 17:57
The Nigerian group BUA recently revealed that it was negotiating with the Chinese firm Sinoma CDI regarding cement and steel projects. According to Reuters, BUA and its associate will invest $1.9 billion in the construction of a steel plant in Nigeria and in two cement plants in Eastern Africa.
The business mogul Abdulsamad Rabiu, owner of BUA group, said the two cement plants will cost $700 million overall and each will have a production capacity of 3 million tons/annum. As for the steel plant, it will cost $1.2 billion and produce 1.2 million tons yearly.
The state-run company Sinoma is the global leader in terms of engineering and equipment in the cement industry.
Aaron Akinocho
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