Nigeria’s billionaire investor, Femi Otedola, has issued an official statement giving reasons for his recent acquisition of shares in Dangote Cement, one of Nigeria’s largest companies.
According to a statement Otedola emphasised that it following the long-term wealth preservation, export potential and shareholder value in Dangote Cement share acquisition.
Periscope Nigeria reports that Dangote Cement is the only cement company in Nigeria with two export terminals, with a combined export capacity of 8 million tons per annum.
“This strategic investment underscores Otedola’s confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience.
“As Sub-Saharan Africa’s largest cement producer, Dangote Cement boasts an annual production capacity of 51.6 million tons across ten countries. This extensive footprint not only highlights the company’s dominance in the cement industry but also its crucial role in driving economic growth across the region.
“The recent expansion of Dangote Cement, including the new 6 million-ton plant in Itori, Ogun State, enhances its export capacity and emphasizes the company’s contribution to Nigeria’s economic diversification. “Dangote Cement’s export capabilities and extensive operations across Sub-Saharan Africa are essential for regional economic integration and growth,” Otedola commented. “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development,” the statement partly read.
