While presenting its 2016 full year audited results on the floor of the Nigerian Stock Exchange (NSE) in Lagos, Dangote Cement disclosed that it it exported 0.4 million metric tons of cement to other countries in 2016.
NAN reveals that this development has ended Nigeria’s dependence on importation.
The company said that it sold 8.6 million metric tons of cement outside Nigeria, which is 54 per cent more than what was sold in 2015.
News about the increased export was not the only one delivered by the company on Tuesday.
The export is significant, given that the nation used to be a net importer of cement. As at 2011, Nigeria was one of the world’s largest importers of cement, buying 5.1 million metric tons of foreign cement at huge expense to the country’s balance of payments.
The company’s Pan-African cement plants continued to perform well, contributing significantly to its turnover and profitability.
While presenting the results, the company’s Chief Executive Officer, Onne van der Weijde, assured the investors of better returns on their investment in the Dangote Cement.
According to him: “The new year has started well and we expect much higher profitability in Nigeria in 2017, even though we may not see the volume growth we achieved in 2016. I am confident that we will deliver an even stronger performance in 2017 as we increase market share and extend our reach across Africa.”