Dangote Cement says it has concluded plans to expand its production capacity through the construction of a six new metric tonnes integrated cement plant in Itori, Ogun State.
The company, in a statement, said it would soon deploy grinding plants in Ghana and Cote d’Ivoire to ensure cement became available in all African countries.
According to the Group Managing Director, Dangote Cement, Arvind Pathak, when completed, the new plant would strengthen local production of Dangote Cement in Africa.
Pathak spoke at the closing gong ceremony on the Trading Floor of the Nigerian Exchange Ltd during his introduction as the new group managing director of Dangote Cement to the dealing members of the Exchange.
He said, “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. In addition, we are strengthening our local production capacity efforts to meet future demand with a six MT integrated cement plant in Itori, Ogun state.
“The Itori cement plant will increase Nigeria’s capacity to export cement, enabling more diversification and foreign exchange inflows for the economy.”
He stated that the NGX remained a critical partner for the company as it provided the platform for Dangote Cement to raise funds through the capital market.He added, “The Exchange is also one of the regulatory bodies which we comply with. Dangote Cement has made great strides in our debt capital market journey, from the issuance of our maiden N100bn five-year bond in 2020 to another landmark bond issuance, where we raised N116bn.”
He explained further that Dangote Cement had also received numerous recognitions from capital market regulators and players which include the best issuer in terms of the fixed-income listings by the Nigerian Exchange Limited in 2022.
The Chief Executive Officer, Nigerian Exchange Limited, Temi Popoola, welcomed the delegation from Dangote Cement and lauded the company on its 2022 full-year financial results.
He called for more collaborations that would help to deepen the relationship between the company and the NGX.
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