Dangote backs federal government on border closure

Dangote backs federal government on border closure

Aliko Dangote, the president of the Dangote group has shown support for the federal government’s decision to close its borders.

This was revealed in a signed statement released to newsmen on Thursday. Dangote debunked insinuations that the policy was responsible for the drop in Dangote Cement’s profitability for the year 2019.

Africa’s richest man noted that the policy was favourable to the economy at this point in time.

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The president of the group said Dangote Cement was building its terminals across Africa and the border closure could not in any way impact negatively on the company’s performance.

The statement issued by the group also said that the stock of Dangote Cement had remained dominant on the floor of the Nigerian Stock Exchange.

The statement also revealed that the company was doing well across Africa especially in the cement sector.

The statement said, “The company’s investment across Africa is also bearing the desired results as pan-African sales volume grew in the year 2019, hitting 9.6Mt from 9.4Mt.

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“Dangote Cement Plant, Mtwara, Tanzania, recorded an increase of 94 per cent increase in volume within the review period. Dangote Cement Plant, Pout, Senegal put up a remarkable performance with sales up more than 100 per cent of rated capacity.”

There were also plans to expand operations across Africa.