Dangote Cement, one of Africa’s leading cement producers, has announced its plans to expand production capacity with the construction of a new 6 million metric tons (Mt) integrated cement plant in Itori, Ogun State. The Group Managing Director of Dangote Cement, Arvind Pathak, revealed this strategic move, emphasizing the company’s commitment to meeting the growing demand for cement across the continent.
Speaking at the Closing Gong Ceremony on the Trading Floor of the Nigerian Exchange Ltd (NGX), Pathak shared the company’s progress in bolstering its production capabilities. He announced the completion of a 0.4 million tonnes grinding plant in Ghana and the ongoing construction of a 1.5 million tonnes grinding plant in Cote d’Ivoire. These initiatives aim to ensure the availability of Dangote Cement products in all African countries.
Pathak highlighted the significance of the new cement plant in Itori, Ogun State, stating that it would not only enhance Nigeria’s domestic cement production but also enable increased cement exports, contributing to diversification and foreign exchange inflows for the economy.
Expressing Dangote Cement’s appreciation for its partnership with the NGX, Pathak acknowledged the vital role of the exchange in providing a platform for trading the company’s stocks and facilitating capital market activities. He also recognized the NGX as one of the regulatory bodies with which Dangote Cement complies. Pathak commended the company’s successful debt capital market journey, including the issuance of a ₦100 billion 5-year bond in 2020 and a recent landmark bond issuance that raised ₦116 billion.
The delegation from Dangote Cement was welcomed by Mr. Temi Popoola, the Chief Executive Officer of the Nigerian Exchange Limited. Popoola praised the company for its impressive 2022 full-year financial results and expressed his delight in having the largest listed company on the exchange. He emphasized the importance of collaborations that deepen the NGX and enhance investors’ confidence. Popoola also highlighted the exchange’s commitment to innovation, including the introduction of a new USSD scheme that allows users to access NGX services on mobile phones.
Dangote Cement’s expansion plans and commitment to strengthening its production capacity demonstrate the company’s dedication to meeting Africa’s cement needs and contributing to the region’s economic growth.
