Dangote Cement Moves to Expand Operations in Côte d’Ivoire, Others
- Aliko Dangote has disclosed new expansion plans for the Dangote Cement, which would see an increase in its production capacity in 2024
- He said that three and six million metric tons will be added to its plant in Cote d'Ivoire and Itori in Ogun State, Nigeria
- This decision came after the company recently attained N10 trillion market capitalization to become the most valuable company on the NGX
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
By the end of 2024, Dangote Cement PLC expects to have increased its cement production across the continent from 52 million metric tons to 61 million metric tons.
Source: UGC
This was disclosed by the president of Dangote Industries Limited, Aliko Dangote, at an awards ceremony for customers and distributors in Lagos over the weekend.
More metric tonnes to be added
Daily Trust reported that the president said that the company would add three and six million metric tons to the facility in Cote d'Ivoire and Itori (Ogun State, Nigeria), respectively, as part of the spiral rise from 52 million metric tons to 61 million tons, or 17.3%.
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He said:
“We have remained Africa’s leading cement producer with at the moment about 52 million metric tons in capacity across the country and we are also adding another 6 million tonnes in Itori and also the one of Côte d’Ivoire which is 3 million tons. So in total, by the end of next year, we will have a total of 61 million tons across the continent before the end next year”
A significant development attained in Nigeria
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He added that Nigeria has seen increased cement output and is proud to export cement to other bordering African nations.
According to him, the corporation has a 35.25 million ton project capacity in Nigeria, of which 16.25 million are at Obajena, 12 million at the Ibeshe facility, 4 million at Gboko, and 3 million at Okpelam.
Legit.ng reported that the company's market capitalization recently hit N10 trillion on Monday, January 22, 2024, making it the first Nigerian company to achieve the feat on the Nigerian Exchange.
The development comes as billionaire and Nigeria's fourth richest man, Femi Otedola, made a significant share acquisition of the Dangote Cement.
Dangote playfully invites Otedola to take over Dangote Cement
Legit.ng reported that Dangote has teased his close friend and fellow billionaire entrepreneur, Femi Otedola, saying he is free to consider exploring a corporate takeover of Dangote Cement.
Dangote said this on Friday, January 26, 2024, at the Dangote Cement customers appreciation event in Lagos.
It would be recalled that Otedola recently acquired a significant share in Dangote Cement, describing his decision as an ideal investment choice with the potential to generate foreign exchange for the country.
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Source: Legit.ng
