Dangote Cement Targets $600m Export Revenue from Africa

  • Dangote Cement Targets $600m Export Revenue from Africa

Aliko Dangote, the President of Dangote Industries Limited, reiterated his commitment to the Nigerian economy.

He said through innovation and broad investment in Nigeria’s economy, Dangote Group will sustain and enhance value creation.

Africa’s richest man said Dangote Cement will strive to raise its revenue target from African countries to $600 million per year, adding that the management will intensify efforts at actualizing the planned target.

“By next year we will be the largest exporter of cement in sub-Saharan Africa with about $600 million worth of cement export to other African countries with limited access to limestone. In addition, we also have new terminals coming up at Onne and in Lagos and we are hopeful the congestion at Apapa will soon be behind us helping us meet our export targets.”

Dangote, who spoke at the 2018 Dangote Cement Distributors’ Award Night in Lagos, said Dangote Group is committed to economic growth and will ensure Nigeria becomes self-sufficient in all the sectors it operates.

“Let me reiterate that our continuous efforts to innovate, create value and invest in Nigeria are borne out of our firm belief in the vast economic potential of Nigeria. This has also informed our desire to invest massively in agriculture in some states across the country. Our target is to ensure that Nigeria becomes self-sufficient in all the sectors where we play; cement, agriculture, mining and petroleum. We are leaders in all the sectors where we play, and this demands continuous improvement and partnership with you, our customers.”

“We are front-runners in keying into the diversification of the economy by the Government. We have continued to roll out massive agricultural projects across the country. We have started in rice, while plans are underway for dairy farming. Our push for backward integration in providing our own raw materials on a massive scale has led to the planned investment of $4.6 billion over the next three years in sugar, rice and dairy production alone. That will eliminate the country’s reliance on imported food, and the foreign exchange outflow that comes with it,” he added.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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