Dangote Cement Plc, in its efforts to boost cement exports and support economic diversification in Nigeria, has announced the strengthening of its local production capacity through the construction of a new six million per annum cement plant in Itori, Ogun state. The company’s Chief Executive Officer, Arvind Pathak, expressed confidence in the company’s strategy and growth prospects while highlighting plans for further expansion in Ghana and Cote d’Ivoire.
During a visit to the Nigerian Exchange (NGX) Group in Lagos, Pathak also expressed interest in partnering with NGX to promote the growth of the Nigerian Capital Market (NCM). Dangote Cement has made significant progress in the debt capital market, issuing a N100 billion 5-year bond in 2020 and raising another N116 billion through a recent bond issuance.
Pathak emphasized the company’s commitment to energy transition by focusing on waste management solutions and leveraging the circular economy business model. Additionally, Dangote Cement has implemented a cost reduction strategy, including the increased use of Alternative Fuel and Compressed Natural Gas (CNG) for trucks.
The new CEO expressed optimism about Dangote Cement’s future, acknowledging the current volatile environment and inflationary pressures. He reiterated the company’s dedication to shareholder value and looked forward to collaborating with NGX to drive the growth of the Nigerian Capital Market.
NGX CEO, Temi Popoola, commended Dangote Cement’s financial performance in 2022 and expressed the exchange’s commitment to collaborating with stakeholders in the industry. He emphasized the importance of raising capital for smaller corporates and tapping into retail investments to unlock economic growth. NGX is actively working with the government to attract more listings and achieve its strategic objectives.