Dangote Cement Plc (DANGCEM), Nigeria’s biggest company by market value, plans to invest $3.9 billion over the next 28 months to more than double production of the building material, Chairman Aliko Dangote said.
The Lagos-based company plans to boost cement output to 50 million metric tons by 2013 from an estimated 20 million tons this year, Dangote said in an interview in Cape Town today, where he is attending the World Economic Forum on Africa.
Growth in Nigeria, Africa’s most populous nation, will fuel most of the demand for cement in coming years, Dangote said. While the company plans to expand its operations, its main focus is in sub-Saharan Africa for now, he added.
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