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Dangote to set up polypropylene plant in Nigeria
09
Sep '13
Dangote Industries Ltd., one of the leading private sector companies in Nigeria, will be setting up a new petrochemical plant in the country to produce polypropylene, a common component for most fabric products.
 
The firm has signed a loan agreement worth US$ 3.3 billion with a consortium of local and international banks for the construction of three new plants, including a petrochemical plant.
 
According to a statement issued by the company, the plants will cost a total of US$ 9 billion for construction, and would generate up to 9,500 direct and 25,000 indirect jobs in the country.
 
The US$ 3.3 billion loan facility was supported by a consortium of twelve local and international banks, which was jointly coordinated by Standard Chartered Bank as the global coordinator, and Nigeria’s Guaranty Trust Bank Plc as the local coordinator.
 
President & CEO of Dangote Group, Aliko Dangote, who has been listed as Africa’s richest man by Forbes, said these plants will further entrench Africa’s role in the global map as a valued contributor for natural resources.
 
He said the plants will make several African nations less dependent on importing petrochemical products from foreign countries.
 
Dangote Industries is a manufacturer of various products including polypropylene sacks, mats and twine.
 

Fibre2fashion News Desk - India

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