Nigerian billionaire, Dahiru Mangal has completed the construction of a 3 million metric tonne per annum cement plant in Kogi State.
In November 2021, Mangal Industries signed a deal with Sinoma International Engineering of China to build the facility. The facility’s initial cost was projected at $600 million, but it increased to $1.5 billion due to the naira crash.
The state-of-the-art, technology-driven facility, built by Mangal Cement Company Limited, has already rolled out its first bag of cement and is set to produce approximately 200 trucks of cement daily.
It is worth noting that Mangal is a seasoned entrepreneur. As the founder of Max Air, he has established a significant presence in the aviation industry. His business interests span transportation, textiles, agriculture, oil and gas, and construction, making him a key figure in AFDIN Group’s conglomerate.
His incursion into the cement industry is anticipated to have a significant impact on Nigeria’s economy by creating jobs and increasing the cement supply.
The Managing Director of the Cement Company, Engr. Fahad Mangal, while speaking at the groundbreaking ceremony on July 16, 2022, said that the Company will add value to the nation’s economy by creating thousands of jobs for the immediate communities and youths in the country as well as Revenue generation for both the State and Federal Government.
He also emphasized the company’s vision to become a major player in cement production in Nigeria and West Africa, providing quality cement production.
This development positions Mangal Cement as a significant competitor in the Nigerian cement industry as Dangote Cement reportedly lost about N1 trillion in market share in July as investors’ sentiments shifted, closing July with a N10.07 trillion market cap, from N11.19 trillion at the beginning of the month.
Katsina Billionaire starts Cement production in Kogi, erects $1.5bn Plant
