Dangote Group To Floats $100m Truck Assembly Plant in Lagos

The Dangote group has unvailed it plans to float a $100m Truck Assembly Plant in Lagos. This was revealed in a statement issues by Mr Anthony Chiejina, the Chief Corporate Communication Officer, Dangote Group

In a statement on Sunday, January 15, the group said that the plant was floated by the group in partnership with National Heavy Duty Truck Group Company Limited, (SINOTRUK), a Chinese firm. The plant, located in Ikeja, has the capacity to produce 10,000 trucks annually.

He stated the before now, Dangote had been spending heavily on importing trucks to distribute its products both locally and across African countries.

Chiejina said the conglomerate owned 60 per cent stake in the assembly plant while SINOTRUK holds 40 per cent, in a partnership that was formed in 2014.

According to him, the plant is expected to create 3,000 direct employments when fully operational.

Nigeria is a major market for SINOTRUK products, with Dangote Group, operating the largest fleet in Africa, having over 10,000 trucks for the distribution of its products across the continent.

Chiejina said the new company would save Nigeria huge foreign exchange being spent on importation of heavy duty vehicles.