Dangote cement claims forex savings

Dangote cement claims forex savings
Published: 06 May 2004

Nigeria: Dangote’s new cement manufacturing company currently under construction which is to commence production by next year, is billed to save the Federal Government over US$540m (in total), about N135billion,  in foreign exchange for the country when it comes on stream. Group Finance Manager, Dangote Group, Alhaji, Tajudeen Sijuade stated at the 2004 Lagos Regional Flour Dealers¹ Forum organised by the company in Lagos, that the primary objective and target of the Dangote Group is to manufacture in the country all the essential consumer goods at affordable prices as well as create employment for Nigerians. He said that when work on  the construction of the cement factory  is completed by next year, and is test run, the company will be saving the country over $540 million in foreign exchange. He disclosed that the company will fire the first kiln at the factory this year. Sijuade noted that if other companies in Nigeria will be as supportive as Dangote, Nigeria could have been an industrial developed country and it could have tremendously improved the nation¹s import-based economy.