Mangal industries and a Chinese firm, Sinoma, have signed an agreement to construct a three-million metric cement factory and a 50- megawatts power plant at Moba in Kogi state.
Chief Executive Officer of Mangal Industries, Engr. Fahad Mangal, disclosed this in a statement on Thursday.
The statement said the project would guzzle $600 million and would be completed in early 2024.
It said the 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. It is designed to be one of the most sustainable in the sector,” the statement said.
“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 & economic development and reflects its confidence in the favourable outlook of the economy in the country and the region.”
