Festus Akanbi
In a response to the growing demand, Dangote Cement Plc is poised to raise capacity by more than a third to meet the escalating demand as the Nigerian economy recovers.
“We are expanding capacity from about 50,000 tons a day at the beginning of the year to 70,000 tons a day at the end of the year,” Edwin Devakumar, Group Executive Director at Dangote Industries Ltd., told Bloomberg by phone yesterday.
Devakumar explained that already, the company in the past seven months had begun the reactivation of idle capacity at its Gboko plant, in Benue State, because of a 40 per cent increase in demand in Nigeria.
The International Monetary Fund recently increased its projection for the country’s 2021 economic growth to 2.5% from 1.5%. That would be the fastest expansion since 2015.
The Senate earlier this week urged the government to break the dominance of the country’s three biggest cement makers to encourage more competition…
Source: Thisday Newspaper
