Dangote Cement, a leading cement manufacturer, has revealed its intentions to enhance production capacity by constructing a new integrated cement plant with a capacity of six metric tonnes in Itori, Ogun State.
In an official statement, the company outlined its strategy to establish grinding plants in Ghana and Cote d’Ivoire, aiming to ensure the widespread availability of cement across all African nations.
Arvind Pathak, the Group Managing Director of Dangote Cement, expressed confidence that the forthcoming plant would bolster local production of Dangote Cement throughout Africa.
He made these remarks during the introduction ceremony held on the Trading Floor of the Nigerian Exchange Ltd, where he was announced as the new group managing director.
Pathak stated, “We have completed the construction of our 0.4 million tonnes grinding plant in Ghana and are on track to finish our 1.5 million tonnes grinding plant in Cote d’Ivoire.
Additionally, we are actively strengthening our local production capacity by establishing a six MT integrated cement plant in Itori, Ogun state.”
He further emphasized that the Itori cement plant would contribute to Nigeria’s cement export capacity, enabling economic diversification and foreign exchange inflows.
Pathak acknowledged the Nigerian Exchange Limited (NGX) as a crucial partner for Dangote Cement, providing a platform to raise funds through the capital market.
He stated, “The Exchange is also a regulatory authority that we comply with. Dangote Cement has achieved significant milestones in our debt capital market journey, starting from the issuance of our inaugural N100 billion five-year bond in 2020 to a recent landmark bond issuance, raising N116 billion.”
Additionally, Pathak highlighted the numerous accolades Dangote Cement had received from capital market regulators and players, including being recognized as the best issuer in fixed-income listings by the Nigerian Exchange Limited in 2022.
Temi Popoola, the Chief Executive Officer of the Nigerian Exchange Limited, warmly welcomed the Dangote Cement delegation and commended the company on its impressive full-year financial results for 2022.
He encouraged further collaboration between Dangote Cement and NGX, emphasizing the importance of deepening their relationship
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