Nigeria Flour Mills to borrow to double cement capacity: CFO

LAGOS: Flour mills of Nigeria plans to borrow between $400 million to $500 million to construct a new cement plant which will double its existing 2.5 million metric tonnes capacity, its chief finance officer said on Friday.

Jacques Vauthier told Reuters on phone the conglomerate had appointed financial advisers and banks to raise a term loan from the local market for the construction of the plant. He said the details of the loan were still being finalised.

The new cement plant will be completed by the first quarter of 2016, Vauthier said.