Foremost Nigeria cement manufacturer, Dangote cement Plc has announced that it has so far exported 0.4 million tons of the product to other countries in 2016, thus bringing to an end the era of Nigeria’s dependence on importation of the product.
In its 2016 full year audited results presented on the floor of the Nigerian Stock Exchange (NSE) in Lagos., Dangote cement showed that it sold 8.6 million metric tons of cement outside Nigeria, which is 54 per cent more than what was sold in 2015.
A statement by the company’s spokesman, Jibrin Abubakar, the company said that the export is significant given that the nation used to be a net importer of cement.
“ As at 2011, Nigeria was one of the world’s largest importers of cement, buying 5.1 million metric tons of foreign cement at huge expense to the country’s balance of payments.
“The company’s Pan-African cement plants continued to perform well, contributing significantly to its turnover and profitability.”
Jibrin quoted the company’s Chief Executive Officer, Onne van der Weijde, who presented the report as assuring the investors of better returns on their investment in the Dangote Cement.
“The New Year has started well and we expect much higher profitability in Nigeria in 2017, even though we may not see the volume growth we achieved in 2016.
“I am confident that we will deliver an even stronger performance in 2017 as we increase market share and extend our reach across Africa.” [myad]
