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(Bloomberg) — Africa’s biggest cement producer plans to open a new plant in Ivory Coast to capitalize on a construction boom in one of the continent’s fastest-growing economies.
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The three-million-metric-ton-per-year plant, which will boost the Dangote Cement Plc’s total capacity to 55 million metric tons, is nearly complete and set to begin production this year, a company spokesman said.
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Ivory Coast’s construction market is projected to grow at a compound annual rate of 9.6% between 2025 and 2032, according to Data Bridge Market Research. The West African nation’s infrastructure investments include energy and logistic projects.
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Ivory Coast will be the 10th country where Dangote Cement operates outside its home market of Nigeria.
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The company, owned by Africa’s richest person, Aliko Dangote, has made Nigeria self sufficient in cement production and exports clinker — an intermediate product in the production of cement — to countries across the continent.
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It’s looking to open a six-million-ton capacity plant in Itori, southwest Nigeria in 2027 and raise $400 million in the Ethiopian financial market to expand a second production line in the Horn of Africa nation, Acting Chief Financial Officer Gbenga Fapohunda said last week.
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The firm’s closest rival in Nigeria, BUA Cement Plc has a production capacity of 17 million tons per annum.
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The cement maker had long been the foundation of Dangote’s business empire and wealth, until he built a 650,000-barrels-a-day oil refinery outside Lagos, Nigeria’s commercial hub, which became operational last year.
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Dangote’s wealth is valued at $28.5 billion, according to the Bloomberg Billionaires Index.
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—With assistance from Kamailoudini Tagba.
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English (US)