Dangote Cement has announced its plans to expand production capacity through the construction of a new integrated cement plant in Itori, Ogun State. The company aims to strengthen local production of Dangote Cement in Africa and boost Nigeria’s capacity to export cement, which will contribute to diversification and foreign exchange inflows for the economy. Additionally, Dangote Cement is set to deploy grinding plants in Ghana and Cote d’Ivoire to ensure the availability of cement across all African countries.
Arvind Pathak, the Group Managing Director of Dangote Cement, highlighted the progress made in completing the 0.4 million tonnes grinding plant in Ghana and the ongoing work on the 1.5 million tonnes grinding plant in Cote d’Ivoire. The construction of the new integrated cement plant in Itori is part of Dangote Cement’s efforts to meet future demand and increase export capacity.
During the introduction of Arvind Pathak as the new Group Managing Director of Dangote Cement at the Nigerian Exchange Ltd, he expressed the importance of the NGX as a critical partner for raising funds through the capital market. Dangote Cement has made significant strides in its debt capital market journey, including successful bond issuances that have raised substantial funds.
Temi Popoola, the CEO of the Nigerian Exchange Limited, welcomed the delegation from Dangote Cement and commended the company on its 2022 full-year financial results. He emphasized the need for continued collaboration between Dangote Cement and the NGX to deepen their relationship and drive further growth and success.
Opinion: Dangote Cement’s expansion plans and commitment to local production and export capacity highlight its strategic vision for growth in Nigeria and Africa. The investments in new plants and collaborations with the Nigerian Exchange Ltd demonstrate the company’s dedication to raising capital and complying with regulatory requirements. These initiatives not only position Dangote Cement as a key player in the cement industry but also contribute to the economic development of Nigeria by boosting local production, promoting exports, and attracting foreign exchange inflows.