BEIJING, Jan. 24 (Xinhua) -- Sinotruck and Nigeria's Dangote Group, the largest manufacturing conglomerate in West Africa, are going to jointly invest 100 million U.S. dollars to set up a truck assembly plant in Lagos, according to a report on the website of China's Ministry of Commerce.
According to the cooperation agreement between the two company, Dangote will take 60 percent share in the plant with the rest 40 percent held by Sinotruck.
The plant is designed to produce 10,000 trucks every year after enter operation, and will create 3,000 jobs.
The plant is expected to save tremendous forex for Nigeria in truck imports. In 2014, Dangote imported 12,000 trucks from China.
Sinotruck, a leading truck producer in China, received orders for 176,000 trucks in 2015 despite shrinking demand both home and abroad, up 9.94 percent on year. It sold 34,000 trucks in overseas market, presenting nearly 20 percent of its total truck sales. Enditem (Edited by Li Xiaohui, lixh@xinhua.org)
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