Dangote Cement being Authorized by the Federal Administration of Nigeria to proceed exports from it’s Land Border Closure
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The national administration of Nigeria has enabled Dangote Cement to restart exports across its land borders, lifting confidences that the nation may be opening up trade with neighbors after a year-long blockade. President Muhammadu Buhari’s administration gave its permission for Africa’s biggest producer to export cement to Niger and Togo in the third quarter for the first time in ten months.
Michel Puchercos – Chief Executive Officer of Dangote Cement was noted to have let out this during an investor call in Lagos. The export was made possible “through approval given by this administration,” he said. The privilege to Dangote Cement is seen as a softening of the government’s position on a border closure that started in August last of 2019, and could unwrap the way for other enterprises to entirely start again exports across the country’s land barriers. The federal government had closed borders with neighboring countries including Benin and Niger to thwart smuggling and boost local production. Although the siege motivated the consumption of locally grown produce such as rice, it injure factories across West Africa, which depend on Nigeria’s market of 200 million people.
Dangote started again land export with “restricted volumes,” and schemes to grow the trade using the sea channels, according to Puchercos. The Lagos-based company’s plan to buy back some of its shares has been postponed by market volatility and low liquidity, which have influenced valuation, Guillaume Moyen – Acting Chief Financial
Officer announced at the same conference call.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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