As part of measures to explore benefits of the borderless deal within the sub region, Dangote Industries Ltd, has announced its cement and fertilizer investments expansion plans aimed at opening new trade routes for Nigeria under the Africa Continental Free Trade Area (AfCFTA).
President, Dangote Industries Ltd, Mr Aliko Dangote, declared this in a statement on Sunday in Lagos, even as he also revealed that the conglomerate new plants would soon be ready for commissioning in Niger, Benin, Ghana, Cote D ‘Ivoire and Togo.
Recall that the AfCFTA, which took off on the 1st January 2021, aimed at creating a single market, for the movement of capital, goods, people and investments to further deepen the economic integration of the continent.
According to him, the cement company with an installed capacity of 29.3Mta in Nigeria is targeting an expanded entity in Cameroon.
Dangote stressed the need for Africa to deliberately improve its per capital consumption of cement to aid infrastructure development by stimulating further demand and forcing down the cost of the commodity.
He said that the desire for Africa’s self-sufficiency in cement production informed the signing of a 4.34 billion dollars contract with Sinoma International Engineering Company Ltd., a Chinese construction giant.
The contract, the business mogul said was for the construction of 11 new cement plants in 10 African countries, and Nepal in Asia.
Dangote said the report by the United Nations Conference on Trade and Development on the development of deficit infrastructure to ensure competitiveness in the AfCFTA, had moved the company to leverage the deficit with its cement investment.
“For Dangote Industries Ltd., moving goods like cement by road from Nigeria where they are manufactured to Ghana, where there is a big market, is “unviable”, hence the need for new plants that will open multiple trade routes,” he said.
