Announcement by Dangote Cement that it plans to build two new cement plants in Nigeria lifted the country’s stock exchange on Monday, ending a three-day bear run, Reuters reported.

The firm that’s owned by Africa’s richest man, Aliko Dangote, accounts for a third of the  Nigeria Stock Exchange (NSE) capitalization.

Its shares jumped 7.8 percent after the company said it planned to build two new cement plants in two communities of the country, which it expected will increase its annual output by 9 million metric tons to 38.25 million metric tons.

The company said the new plants will be set up in Okpella in the northern part of Edo State, South-south of Nigeria with a three million per annum plant and another six million per annum capacity plants in Itori in Ogun State, South-west of the country.

“Nigeria was an import-dependent country in terms of cement in the past, so if we do not add capacity, we will not be able to match the growing rate of consumption in the country,” The Nation quoted Onne Vander Weijde, Dangote Cement’s group managing director telling a press briefing on Sunday.

“We want to ensure that we are always one step ahead to meet local demand for the commodity.”

The new plants are expected to help Dangote Cement cut on its production costs and reduce product prices in the local market, which is expected to boost the company’s market share in coming years.

Vander Weijde said with this increased capacity in Nigeria, the company will be able to supply the entire western and central Africa region.

Currently, Dangote cement is exporting cement to Niger, Ghana, Togo with plans to move up to the Ivory Coast.