A $600m pact has been signed for the building of cement and power plants in Moba, Kogi State scheduled to be completed in early 2024.
Chief Executive of Mangal Industries Limited, Engr Fahad Mangal, in a statement on Thursday, said the Mangal Industries had signed an agreement with a Chinese Firm, Sinoma, for the construction of three million metric tons per year cement plant and 50 megawatts captive power plant in Moba, Kogi State.
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He explained that the project is part of an “ambitious investment programme” to be implemented by Mangal Industries Limited.
He said, “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.
“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.”