Dangote Group is establishing a multi-million dollar vehicle assembly plant project in Lagos.
The firm is partnering a leading Chinese Company, National Heavy Duty Truck Group Company Limited, SINOTRUCK, to produce several thousands of trucks used mainly for haulage business from its newly promoted assembly plant at Ikeja, Lagos.
The deal, worth $100 million and expected to have an assembly plant to produce 10,000 trucks per year, was signed in May 2014 in China, making it the eighth of Shandong, China (SINOTRUK), to be built abroad.
According to the deal agreement, the plant is 60 per cent owned by Dangote Group, trading under Dangote Industries Limited, leaving SINOTRUK with the remaining 40 per cent equity stake.
The plant is expected to generate jobs for 3,000 workersl.
The Group’s Chief Corporate Communication Officer, Anthony Chiejina, said the project when fully operational would spare the nation the huge amount of forex spent on importation. (The Nation)