Business
FG border closure best for Nigeria’s economy – Dangote
BY OUR EDITOR
The Federal Government’s border closure policy is the best for the country’s economy, for now, so says Alhaji Aliko Dangote, President, Dangote Group.
In a statement released to the media in Lagos on Thursday, Dangote debunked insinuations arising from a comment by the immediate past Group Managing Director and Chief Executive Officer of Dangote Cement Plc, Engr Joseph Makoju, that border closure was responsible for drop in Dangote Cement profitability for the year 2019.
Speaking on the company’s result for 2019, Makoju had said: “Dangote Cement maintained strong financial performance despite a low growth environment, pricing pressure and increasing competition in key markets.
“The Nigerian operations, maintained volume and revenue performance in a challenging environment. Export sales were affected by the border closure in the second half of 2019.”
But president of the group said the border closure policy was the best for the country’s economy at this point in time.
Joseph Makoju
He 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.
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It said this was buoyed by the news of a robust dividend as announced by the management of the company.
The management of the company had approved that N16 per share be paid to the shareholders despite the drop in profitability.
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.
“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 percent of rated capacity.”
The board had proposed a final dividend of N16 per share subject to ratification by the shareholders at the forthcoming Annual General Meeting.