NAIROBI, Kenya
Cabinet Secretary for Mining Najib Balala has welcomed the announcement by Nigerian billionaire Aliko Dangote to put up a $400 million cement sfactory in Kenya. Balala says Dangote’s investment would create employment and contribute towards the country’s economic growth.
Dangote who made the announcement during the Kenya-Nigeria business forum in Nairobi expressed optimism that the investment will be beneficial to Kenyans. The cabinet secretary said though Dangote is among the companies whose licenses were issued during the country’s transition period and hence among those suspended, the company was cooperating with the taskforce that was appointed to review the issuance of licenses and the Ministry of Mining was ready to reengage with it and other companies for the sake of the country’s development.
“In fact, Dangote was the first company to announce it was ready to cooperate with the task force on review of the licenses and clear its name,” said Balala. The Cabinet Secretary said Dangote’s investment in the cement plant will be a big addition to the already existing companies that include the Bamburi Cement Company, Athi River Mining, and East Africa Portland Cement Company among others which he added will also enhance competition in the industry.
The introduction of this new plant, Balala says will also boost the production of cement which is currently estimated at over 450,000 tons. Balala noted that the Ministry of Mining intends to create an industry around mining and wooing of investors to take advantage of the existing political good will and favorable environment for investment was key.
Just recently, the Minister announced signing of a new deal with the Geological Exploration Technology Institute –JIANGSU, China to undertake Kenya’s airborne geophysical survey, to establish the country’s mineral worth. A committee is also already working on the possibilities of establishing the metals and minerals exchange that could see mining companies in the country trade in the stock exchange.
Other plans in the pipeline aimed at moving the sector forward include the Mining bill which is in cabinet and which when enacted soon, will see the establishment of the National Mining Corporation as an investment arm of the government, Establishment of a state of the art Mineral certification laboratory , Establishment of Mineral processing and value addition clusters with gold refinery, iron and steel plants & glass manufacturing industry, gemstone cutting centers and building materials factories for cheaper housing.
Leave a comment