Home / Knowledge / News / Textiles / Dangote to set up polypropylene plant in Nigeria
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


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search