Nigeria: Kayode Fayemi, the Minister for Solid Minerals Development, has commended Dangote Cement’s role in making Nigeria self-sufficient in cement. He said that it was a success story that the country had moved from importing 60% of its cement to meeting local demand with excess available for export. The Cement Manufacturing Association of Nigeria originally declared the country ‘self sufficient’ for cement in 2012.
“We need to collaborate and partner in these areas at this time that government is trying to reduce the dependence on oil. We need to turn around our mineral resources just as in the cement sector. When you look at our solid mineral industry, there is a wide gap between what we can produce and what is consumed. Imports in these sectors is huge,” said Fayemi. He added that the government wants to replicate the success of the cement industry in other non-oil sectors to diversify the economy. He made the comments as part of a tour to the Ibese plant in Ogun State.
Dangote Cement saw its earnings before interest, taxation, depreciation and amortisation (EBITDA) fall in 2016 as the Nigerian economy entered a recession. Despite this it grew its revenue and sales volumes with an emphasis on growth outside of its home country. The cement producer exported 0.4Mt of cement in 2016. However, the company has also faced allegations of dumping in Ghana.
