Home Business Dangote targets $4.6 billion investment in consumables As he targets $4.6 billion...

Dangote targets $4.6 billion investment in consumables As he targets $4.6 billion investment in consumables

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Information have it that the Nigeria President of Dangote Industries Limited, Aliko Dangote, has disclosed plans of the company to increase cement exports to $600million.

With this annual target, the company would become the major exporter of cement in sub-Saharan Africa.

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Dangote made this revelation at the company’s 2018 Distributors’ award night held in Lagos on Monday.

He added that the new terminals at Onne and Lagos and the decongestion of Apapa axis would help achieve this target.

Dangote said “by next year we will be the largest exporter of cement in sub-Saharan Africa with about $600 million worth of cement export to other African countries with limited access to limestone.

”In addition, we also have new terminals coming up at Onne and in Lagos and we are hopeful the congestion at Apapa will soon be behind us helping us meet our export targets.”

He added that this would help the country become self-sufficient in all the sectors where it operates, such as cement, agriculture, mining and petroleum.

He continued, ”This has also informed our desire to invest massively in agriculture in some states across the country. Our target is to ensure that Nigeria becomes self-sufficient in all the sectors where we play; cement, agriculture, mining and petroleum.

”We are leaders in all the sectors where we play, and this demands continuous improvement and partnership with you, our customers.

“We are front-runners in keying into the diversification of the economy by the Government.

He noted that the company’s targeted investment of $4.6 billion in consumables would eliminate the country’s continued reliance on oil.

”Our push for backward integration in providing our own raw materials on a massive scale has led to the planned investment of $4.6 billion over the next three years in sugar, rice and dairy production alone.

”That will eliminate the country’s reliance on imported food, and the foreign exchange outflow that comes with it,” he added.

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