The price of cement in Nigeria has been pegged at 2,700 Naira despite the government's claim of being self-sufficient in cement production.

However, Africa’s richest man, who is also Africa’s number one cement manufacturer, is planning to double the size of cement plants in Africa.

Perhaps that could crash the price of the product and make it more affordable to Nigerians looking to build their own homes.

Dangote Cement plans to double its investment on the continent.

According to a senior executive, Edwin Devakumar who spoke to Reuters on Tuesday, the company is seeking to expand its operations to hit annual production of about 80 million tonnes within the next three years.

Dangote, Africa's biggest cement producer, has an annual production capacity of 45 million tonnes.

In 2015, Dangote signed $4.34 billion worth of contracts with China's Sinoma Engineering to build cement plants across Africa.

At the time Dangote projected to reach 100 million tonnes production capacity by 2020.

"Our focus in the next three years is that we should be going toward 80 million metric tonnes of cement production," he said, adding that the expansion would be funded through loans from Chinese and Indian banks and cash flows.