Dangote To Export 80 Million Tonnes Of Cement In 2019
Africa’s richest man, Aliko Dangote has already gone continental with his cement production.
However, he plans to focus more on export of the commodity this year in a strategy sales push aimed at generating much-needed foreign exchange.
Dangote told Reuters he expected to have 8 million tonnes of cement to start exporting from July 2019.
The export drive would expand further from 2020.
“By next year we will start exporting more than 2 million tonnes of ammonia out of our 3 million tonnes’ capacity and we will export more than 35% of petroleum products and about 30 million tonnes of cement,” he said.
He did not identify which foreign markets he was targeting.
Availability of hard currency in Nigeria would not be an issue provided oil prices stayed relatively buoyant.
“If the price of oil stabilizes at $60, I don’t think we would have any problem,” said Dangote, who according to Forbes is currently worth $10.5 billion.
“We are looking forward and making sure that we supply more forex in the domestic market,” Dangote said.
Nigeria used to spend around $2.5 billion a year to import cement but with increased investment it has become a net exporter.
Dangote said his firm, Dangote Cement, could earn about $600 to $700 million annually from cement export.
It has been expanding across the continent in recent years and already operates in 10 African countries, it has about 45% market share in sub-Sahara Africa with an annual production capacity of around 45 million tonnes.
Dangote Cement has been seeking to double that capacity.
Don't forget to share this story with your friends.