AFRICANGLOBE – Nigeria no longer imports cement due to the efforts of the Dangote Group, it has also started exporting the product to other countries.
Dangote Cement Plc made this disclosure after the presentation of its 2016 full year audited accounts.
Through its recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the West African nation into a net exporter of cement serving neighbouring countries, the company said in a statement.
Nigeria as of 2011 was one of the largest importers of the product globally purchasing an estimated 5.1 million metric tons, an amount that heavily weighed on the country’s balance of payments.
The company said sales from its Nigerian operations shot up by 13.8% adding that total revenue for the year under review subsequently leapt to $1.9bn that is about 615 billion naira.