{"id":714142,"date":"2019-10-01T14:48:41","date_gmt":"2019-10-01T14:48:41","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/10\/01\/dangote-plans-big-growth-in-african-cement-capacity\/"},"modified":"2019-10-01T14:48:41","modified_gmt":"2019-10-01T14:48:41","slug":"dangote-plans-big-growth-in-african-cement-capacity","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/10\/01\/dangote-plans-big-growth-in-african-cement-capacity\/","title":{"rendered":"Dangote plans big growth in African cement capacity"},"content":{"rendered":"

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\"Nigerian
Nigerian businessman, Aliko Dangote
\n<\/figcaption><\/figure>\n<\/div>\n

Aliko Dangote, the richest person in Africa, is looking to expand cement capacity on the continent by 29% to 62 million tons, entrenching his flagship company\u2019s position as the continent\u2019s biggest producer of the construction material.<\/p>\n

The billionaire plans to add six million tons in Nigeria next year, taking volume in\u00a0Dangote Cement Plc\u2019s home market to 35 million tons, he said in an interview on Bloomberg Television.<\/p>\n

The rest of the expansion is planned mainly in West Africa, including Niger and Cote d\u2019Ivoire.<\/p>\n

The 62-year-old told shareholders in June the company plans to open plants in Nigeria that will allow it\u00a0export clinker\u00a0to grinding plants in Cameroon and West Africa.<\/p>\n

\"Dangote<\/figure>\n

Dangote, who is building one of the world\u2019s biggest refineries in Lagos, Nigeria\u2019s commercial capital, in addition to investments in gas and petrochemical plants, said he expects total group revenue to grow to about $30 billion from $4 billion when the plants start operations in the next 2 years.<\/p>\n

Thereafter, plans include investing about 60% of profit outside Africa, including the U.S. and the U.K. \u201cSometimes in Africa you have issues of devaluation,\u201d he said. \u201cWe want to really preserve some of the family\u2019s wealth.\u201d<\/p>\n

Dangote Cement reported 6% increase in\u00a0profit\u00a0for the six months through June to 119.5 billion naira ($331 million), even as revenue fell 3% to 467.7 billion naira.<\/p>\n

The stock climbed 0.5% to 151.50 naira at the close in Lagos, the most since Aug. 22. Dangote shares are down 20% this year compared to a 12% decline by the 156-member Nigerian Stock Exchange Main Board Index.<\/p>\n

Source:\u00a0<\/strong>Bloomberg<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigerian businessman, Aliko Dangote Aliko Dangote, the richest person in Africa, is looking to expand cement capacity on the continent by 29% to 62 million tons, entrenching his flagship company\u2019s position as the continent\u2019s biggest producer of the construction material. The billionaire plans to add six million tons in Nigeria next year, taking volume in\u00a0Dangote […]<\/p>\n","protected":false},"author":1,"featured_media":714143,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-714142","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nDangote plans big growth in African cement capacity - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/10\/01\/dangote-plans-big-growth-in-african-cement-capacity\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Dangote plans big growth in African cement capacity - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Nigerian businessman, Aliko Dangote Aliko Dangote, the richest person in Africa, is looking to expand cement capacity on the continent by 29% to 62 million tons, entrenching his flagship company\u2019s position as the continent\u2019s biggest producer of the construction material. 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