Dangote Targets African Self-Sufficiency in Cement and Clinker Production

Dangote Cement Plc has reaffirmed its commitment to transforming Africa’s cement industry with a bold vision to make the continent self-sufficient in cement and clinker production.

Speaking during the company’s Facts Behind the Figures presentation at the Nigerian Exchange (NGX) on Wednesday, the new Chairman, Mr. Emmanuel Ikazoboh, who recently succeeded Aliko Dangote, assured shareholders of continued strong returns on their investments.

He noted that over the last 15 years, shareholders have received more than ₦3.3 trillion in dividends, alongside significant capital appreciation on their holdings. Ikazoboh pledged to build on this record while ensuring sustainable value creation for all stakeholders.

“To our investors, you have my unwavering commitment to safeguarding and growing your investment. To regulators and market operators, you have my pledge of continued partnership and adherence to world-class governance standards. To employees and partners, you have my gratitude and assurance that our collective strength will propel us to achievements we haven’t yet imagined,” Ikazoboh said.

Chief Executive Officer, Arvind Pathak, outlined the company’s expansion drive, revealing that Dangote Cement plans to scale its installed capacity to 66.4 million tonnes per annum (Mta) by 2030 through a mix of greenfield and brownfield projects.

According to him, the company has already commissioned the first phase (1.5Mta) of its 3Mta Côte d’Ivoire plant, while work on the 6Mta Itori Plant in Ogun State is progressing steadily. Additionally, Dangote Cement has earmarked $400 million to double its production capacity in Ethiopia.

“Over the past 15 years, DCP has invested more than $8.5 billion in capital projects across Africa, underscoring our long-term confidence in the region’s growth prospects,” Pathak added.

Commending the company, NGX Group Chairman Alhaji Umaru Kwairanga praised Aliko Dangote’s contributions to Nigeria’s private sector and capital market development, noting that he had shown how wealth can be created and shared with the public through the stock market.

NGX Group CEO Temi Popoola also welcomed Ikazoboh’s leadership, assuring shareholders of even stronger performance ahead.

At the company’s 2024 AGM, shareholders approved a ₦502.6 billion dividend payout, equivalent to ₦30 per share, earning Dangote Cement recognition as the highest dividend-paying manufacturing company in the year under review. The company also increased its CSR spending by nearly 470% to ₦3.2 billion, funding projects in education, healthcare, agriculture, infrastructure, and economic empowerment.

Shareholder leaders, including Faruk Umar of AARNS and Bisi Bakare of the Pragmatic Shareholders Association, praised the company’s resilience in navigating foreign exchange fluctuations and expansion pressures while still rewarding investors generously.

Bakare noted: “For the company to still declare ₦30 per share in dividends despite the challenges speaks volumes of the quality of leadership at Dangote Cement. As shareholders, we are proud to be associated with this company.”