Nigerian billionaire Aliko Dangote is set to expand the production capacity of Dangote Cement by constructing a new integrated cement plant in Itori, Ogun State, with a capacity of 6 million metric tonnes. Dangote Cement Group Managing Director Arvind Pathak stated that the new plant will bolster local cement production in Africa.
Additionally, Dangote Cement aims to establish grinding plants in Ghana and Cote d’Ivoire to ensure widespread availability of cement across all African countries.
Pathak made these announcements during the Closing Gong Ceremony on the Trading Floor of the Nigerian Exchange Limited (NGX), where he was introduced as the new Group Managing Director of Dangote Cement to the Exchange’s dealing members.
Pathak explained: “We have successfully completed our 0.4 million tonnes grinding plant in Ghana and are on track to complete our 1.5 million tonnes grinding plant in Cote d’Ivoire. Furthermore, we are intensifying our efforts to strengthen local production capacity by constructing a 6Mt integrated cement plant in Itori, Ogun State. The Itori plant will enhance Nigeria’s cement export capacity, contributing to economic diversification and foreign exchange inflows.”
He expressed Dangote Cement’s pride in its close relationship with the NGX and its commitment to exploring new avenues for engagement and fostering this partnership.
According to Pathak: “The Exchange is of utmost importance to Dangote Cement as it provides a platform for trading our stock and raising funds through the capital market. It is also one of the regulatory bodies we comply with. Dangote Cement has made significant strides in the debt capital market, from issuing our inaugural NGN100 billion 5-year bond in 2020 to a recent milestone bond issuance, raising NGN116 billion.”
Pathak further highlighted that Dangote Cement has received numerous accolades from capital market regulators and players, including being recognized as the best issuer for fixed income listings by the NGX in 2022.
Temi Popoola, the CEO of the NGX, welcomed the delegation from Dangote Cement and commended the company on its 2022 full-year financial results.
Popoola emphasized the significance of having the largest listed company on the Exchange and called for increased collaborations to deepen the NGX.
He mentioned that the NGX’s activities and initiatives have bolstered investor confidence, evident in the appreciation of listed equities.
The exchange’s goal is to innovate and support more businesses in their growth journey, including the introduction of a new USSD scheme for accessing NGX services via mobile phones, as Popoola revealed.
