Dangote Cement - June 2019
Dangote Cement has announced plans to open new export facilities in Lagos and Port Harcourt in Nigeria. The company currently exports around 1Mta of cement but hopes to increase this to 8Mta, generating up to US$700m in foreign exchange revenue. The new terminals, which are due to be operational later this year, will enable the company to not only export clinker to its grinding facility in Cameroon, but also supply the new plants being built by Dangote elsewhere in west Africa, as well as raising its capacity utilisation in Nigeria.
“We have a lot of ongoing projects aimed at increasing capacity, and by next year we will not only export the 1Mt as we normally do now, we will be servicing both the domestic and other African countries from Nigeria,” said Aliko Dangote, chairman, speaking at the company’s 10th annual general meeting (AGM) in Lagos earlier this month. “We will have a capacity of about 8Mt to export and that will generate a foreign exchange of about US$700m into the country, to assist the federal government and other groups in its activities across Africa.”
At the AGM, shareholders also approved a total of NGN272.6bn (US$756.1m) in dividends for the 2018 financial year, translating to NGN16 per share. Looking ahead, Mr Dangote highlighted that the company would soon be operating in at least 18 African countries, as well as expanding its Obajana plant to 16Mta, making it one of the largest cement plants in the world.
