Dangote Cement to Increase Output in Nigeria, Others

  • Dangote Cement to Increase Output in Nigeria, Others

Dangote Cement Plc plans to increase output on the continent by 29 percent, the Group Chairman, Aliko Dangote has said.

Dangote, who spoke with Bloomberg on Monday, said the company was looking at increasing output in three main markets, Nigeria, Niger and Ivory Coast.

He noted that by increasing production to about 62 million tonnes, Dangote Cement would solidify its position as Africa’s largest producer of cement.

Breaking down expansion plans, he said about six million tonnes would be added in Nigeria by 2020 to take total output to 35 million tonnes.

Dangote said, “The rest of the expansion is planned mainly in West Africa, including Niger and Cote d’Ivoire.”

He had informed the company’s shareholders in June that there where plans to open plants in Nigeria that would allow the company export clinker to plants in Cameroon and other West African nations.

Dangote, who is currently building one of the world’s largest refineries, said he expected the Group’s total revenue to jump from $4 billion to $30 billion once the refinery commences operation.

He said, “Thereafter, plans include investing about 60 per cent of profit outside Africa, including the United States and the United Kingdom.

“Sometimes in Africa you have issues of devaluation; we want to really preserve some of the family’s wealth.”

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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