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… Pledges Expansion in Investment
President/Chief Executive of Dangote Industries Limited, Aliko Dangote has
received the highest civilian honour in Cameroon – the Commander of the
National Order of Valour – from the President of the Republic, Paul Biya.
According to President Paul Biya, the landmark honour was conferred on Dangote
in recognition of his efforts in infrastructural development of Cameroon and
Africa through his cement plants. The President, at a conferment ceremony held
at the Unity Palace, Yaoundé expressed pride at Dangote’s various efforts to
promote industrialisation across Africa through the building of cement plants in
several African countries. He noted that these plants have provided thousands of
direct and indirect employment at their various locations, to boost the economies
of their host countries, just like in Cameroon.
He urged the leading African investor to consider more investments in the
manufacturing sector in Cameroon, explaining that there are numerous business
opportunities in the country. He maintained that his government is focused on
promoting a business-friendly environment to make the country more attractive
and an investors’ destination.
In his response, Dangote thanked President Biya and the people of Cameroon for
the great honour done to him in the award of the nation’s highest civilian honour.
He disclosed that there are plans to diversify the group’s investments in
Cameroon, starting with energy. He said, “We have plans to expand our
investment to other sectors beginning with oil and gas while our capacity in
cement will be expanded”.
He commended the Cameroonian government for providing an enabling
environment, which aided the successful completion of the Dangote Cement
plant. He also expressed appreciation for the support provided by the President
and cabinet in solving the challenges encountered in the construction of the
plant.
He said, “At the inception of our construction activities at the plant, we
encountered several challenges, but the government stepped in and ensured that
we overcame these initial problems. Also, the incentives by the Government to
investors are encouraging. We feel very much at home here in Cameroon because
of the business-friendly environment. If demand for cement increases, we will
increase the capacity of the plant and make the country self-sufficient in cement
production.”
Dangote Cement Cameroon SA, part of Dangote Cement Group was
commissioned six years ago, and has boosted domestic cement production,
reduced partly the domestic deficit, and helped in holding down the price of a bag
of cement in the country.
Dangote Cement is sub-Saharan Africa’s largest cement producer with an installed
capacity of 48.6Mta across 10 African countries and operates a fully integrated
“quarry-to-customer” business with activities covering manufacturing, sales, and
distribution of cement. It has a long-term credit rating of AAA+ by GCR and Aa2.ng
by Moody’s due to its market leading position, significant operational scale and
strong financial profile evidenced by the company’s robust operating and net
profit margins relative to regional and global peers, adequate working capital,
satisfactory cash flow and low leverage.
Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and
fully integrated conglomerate as well as a leading brand across Africa in
businesses such as cement, sugar, salt, beverages, and real estate, with new
multi-billion-dollar projects underway in the oil and gas, petrochemical and
agricultural sectors. It recently rolled out its fertiliser products into the local
market, with plans for export while meeting local demand to boost agriculture.
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