Friday, February 12, 2016
Video - Dangote Group depending on international operations for expansion
The giant Nigerian conglomerate, Dangote Group is also struggling with a constricted supply of foreign currency as currency regulations remain tight. The Group's Executive Director, Devakumar Edwin says the company is currently relying on income generated from its international cement operations in Ethiopia, South Africa, Tanzania, Senegal and Cameroon; and it is making financing arrangements through export-credit agencies for the first time. Devakumar also said the company is seeking to increase sales and protect market share at its cement unit in Nigeria amid weaker demand, while expanding elsewhere in sub-Saharan Africa and Asia. The company will be building two new plants in Nigeria within three years, with the capacity to produce 9 M metric tons of cement, annually. The group has also gotten regulatory approvals to start building a 3 million-ton capacity plant in Nepal.