Dangote Cement has outlined the company’s vision for the future of the cement industry in Nigeria.
A release signed by Chief Executive Officer, Richardson and Briggs, Charles Urhoboghara, noted that over the last six months, the company has announced plans to invest US$3.5bn in the cement industry in Nigeria and invest over $5bn across Africa. It is also targeting installed production capacity of 26Mt in Nigeria by 2010 and 50 million tons of capacity across Africa by 2012.
Speaking at , the 14th Nigerian Economic Summit (NES) holding in Abuja, designed to review progress towards Vision 2020, Chief Executive Officer, Dangote Cement, Tony Hadley, gave executives and policymakers an overview of issues currently facing the industry in Nigeria and the potential for growth.
He said "Dangote Cement has demonstrated unprecedented commitment to development and growth of the industry in Nigeria and is focusing on installation of value added manufacturing capacity in Nigeria. The cement industry will provide building blocks for achieving Vision 2020, laying the foundation for vital infrastructure development and Nigerian Industrialisation.
"Dangote Cement calls on the Nigerian government to ensure that key strategies are put in place to nurture local manufacturing, and push for a move away from import dependence, emphasising the long term benefits to the Nigerian economy of local production - more employment and skills development, greater value added growth and higher tax revenues. The Company calls on the Federal Government to consider financial sector and infrastructure development reform, as well as education and training to ensure development of the Nigerian cement industry.
"Dangote Cement’s long term vision is to first ensure Nigeria produces sufficient cement to satisfy market demand and go on to make Nigeria a net exporter of cement. When all projects are completed, the company believes that the increased local production capacity will help eliminate speculation of cement prices by distributors and retailers and bring affordable cement to Nigeria.