A Nigerian billionaire, Dahiru Mangal, has reportedly completed a $1.5 billion cement plant and has just rolled out the first bags of cement from his brand-new plant in Moba, Kogi State as The Mangal Cement Company Limited is now officially in business.
The Mangal facility is poised to produce a whopping 200 trucks of cement daily.
In 2021, Mangal Industries signed a deal with the Chinese firm Sinoma to build the plant. Initially budgeted at $600 million, which later increased to $1.5 billion due to the crash of the naira.
Engr. Fahad Mangal, the company’s chief promises cutting-edge technology, top-notch environmental standards, and a commitment to sustainability.
Earlier in the year, major manufacturers of cement in the country agreed to keep the price of a bag of the commodity at N7,000 – N8,000 as the price had increased as much as N13,000 per bag in some states.
The price of cement currently remains at the agreed rate of N7,000 – N8,000 by the major players in the industry. Will the onboarding of the Mangal Cement producing 200 trucks daily make a difference in price in the market? Time will tell.
