The merits of the policy of cement backward integration introduced by the former administration led by Dr. Goodluck Jonathan has surged as Dangote Cement Plc has disclosed that following continuous increase in its production capacity, it has not only closed the window of importation but has advanced to exports.
The company announced that it had exported over 400,000 metric tons of the product to other countries in 2016.
Also, the board of directors of the company declared a dividend of N8.50 per share to its shareholder for its financial year ended December 31, 2016.
Reviewing its 2016 full year audited results presented on the floor of the Nigerian Stock Exchange (NSE) in Lagos recently, Dangote Cement had sold 8.6 million metric tons of cement outside Nigeria, which is 54 per cent more than what was sold in 2015.
Analysts say the export is significant given that the nation used to be a net importer of cement.
It would be recalled that 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 chief executive officer of the company, Mr. Onne van der Weijde who presented the result, assured the investors of better returns on their investment in the Dangote Cement.
Currently, Dangote Cement is Africa’s leading cement producer with nearly 46 million metric tons’ capacity across Africa. It is a fully integrated quarry-to-customer producer with production capacity of 29.25Mta in Nigeria; Obajana plant in Kogi is the largest in Africa with 13.25Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta.
Already, Dangote Cement is at the verge of developing two factories in Ogun State (3-6Mta) and Edo State (6.0Mta).
This is as the group is driving cement production line expansion across Africa with investments in many countries including Senegal, Zambia and others.
