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| Alhaji Dr. Aliko Dangote, Chairman, Dangote Group |
Fellow Nigerians,
are you aware that our crude oil will soon become useless? Yes, it will, in no
distant time, become valueless owing to the fact that the countries that rely
on it as their only source of energy are developing more affordable alternative
sources of energy. When this finally happens, what will we do? How are we
currently preparing for this imminent economic doom? Which other sector will
continue to stabilize our economy? Nigerians, the only solution is developing
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payment in export trade? Yes, it is a contemporary step-by-step guide to export
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This development was made known by the
Chairman of Dangote Cement, Alhaji Aliko
Dangote, at the company’s 10th Annual General Meeting in Lagos.
Shareholders at the AGM approved a
dividend payment of N16 per 50 kobo ordinary share and commended the company
for increasing the dividend for the 2018 financial year by 52.4 per cent from
the N10.50 paid in 2017.
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The chairman said 2018 was the
company’s most successful year ever, with 7.4 per cent growth in the group’s
cement sales to 23.5 million tonnes and 11.9 per cent growth in revenues to
N901.2bn.
In his own words, “Sales of cement from our Nigerian plants increased by 11.4
per cent to 14.2 million metric tonnes in 2018. Our Pan-African operations
contributed 9.4 million metric tonnes, level on 2017, with strong performances
in Cameroon, Senegal and Zambia helping to offset weaknesses in Ethiopia and
gas turbines now operating in Tanzania, we expect these two large plants to
improve their performance in 2019, further increasing profitability.
“As an organisation, we are
focused upon improvement in all areas and I wish to pay tribute to all our
staff for their constant efforts towards achieving the vision of our board and
executive team.”
Dangote said the company would be
effectively operating in at least 18 African countries in a short while by
increasing the capacity of its Obajana Plant to 16 million metric tonnes,
making it one of the biggest cement plants in the world.
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While interacting with newsmen after
the AGM, he said, “We have a lot of ongoing projects
aimed at increasing capacity and by next year, we will not only export one
million tonnes as we normally do now, we will be servicing both the domestic
and other African countries from Nigeria. We will have a capacity of about
eight million tonnes to export and that will generate a foreign exchange of
about $700m into the country.”
He added, “Later
in 2019, we will open export facilities in Lagos and Port Harcourt that will
enable us to export clinker, initially to our grinding plants we are building
in West Africa. Not only will these generate useful foreign currency for
Dangote Cement to support other expansion projects outside of Nigeria, they
will also help to increase the output of our Nigerian plants. They will also
help to improve job creation and increase prosperity in Nigeria, something of
which all stakeholders can be proud of.”
The Group Chief Executive Officer,
Dangote Cement, Joseph Makoju, said the company in 2019 would focus on
efficiency gains and achieving higher sales in domestic and export markets.
“A major priority for us is
to get these export terminals on stream so we can replace non-African imports
in Cameroon, rake in foreign currency for Nigeria and increase the utilisation
of our Nigerian plants,” he added.
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