Nigeria’s Dangote To Complete Five Cement Factories Across Africa In 2014

Nigeria’s Dangote To Complete Five Cement Factories Across Africa In 2014

Nigerian listed Dangote Group says it plans to complete at least five cement plants in five different countries across Africa this year, a Vanguard report on AllAfrica said.

The group’s President and Africa’s richest man, Aliko Dangote, said that the company will add about 13.5 metric tons of cement per annum to the existing capacity, when it completes on-going plant projects in Zambia, Tanzania, South-Africa, Republic of Congo, and Gabon.

Vanguard said Dangote Cement was also working on additional third and fourth production lines in Nigeria that will increase its local production capacity by 15 metric tons per annum.

Addressing a group of African businessmen in his office at the weekend, Dangote said the Group’s core business focus is to provide local, value-added products and services that meet the basic needs of the populace through construction and operation of large scale manufacturing facilities across Africa.

According to Dangote, the Group is focused on building local manufacturing to generate employment, prevent capital flight and provide locally produced goods for the people.

He said that presently, Obajana is the largest cement plant in sub-saharan Africa with a current capacity of 10.25 metric tons per annum.

Dangote stated that the Group would continue to lead other investors to ensure Nigeria becomes an industrial giant nation that is self-sufficient in production rather than being a leader in importations.

“This indeed, shows that Africa is gradually taking its destiny in its own hands rather than wait for investors from outside Africa,” he said. “Investment in the real sector of the economy is the only way that our continent can achieve the much desired accelerated growth and development that we have yearned for.”

A McKinsey Global Institute report issued in mid 2010 estimated that Africa required at least $46 billion in spending annually to meet its infrastructural needs.