Business
Dangote Group Begins Reconstruction of Itori Cement Plant Project
“Our factory at Itori was dismantled twice. When we made a second attempt, the demolitions extended beyond the factory to the surrounding fence, prompting us to withdraw. However, we are now back, and I assure you that the developments are impressive.”
The President of the Dangote Group, Alhaji Aliko Dangote, has announced the recommencement of the reconstruction of the cement plant project located in Itori, Ewekoro Local Government Area in Ogun State.
Construction of the Itori plant project originally began on December 23, 2023, with an anticipated completion date in November 2026. Unfortunately, the project was pulled down on two separate occasions during the administration of the former Governor of Ogun State, Senator Ibikunle Amosun.
The ongoing plant project, which includes two new production lines with a combined capacity of 6.0 million metric tons per annum, complements the existing cement plant that has been operational for over a decade in Ibese, Yewa North Local Government Area.
On Monday, Mr. Dangote conducted a courtesy visit to Governor Dapo Abiodun’s office at Oke-Mosan, Abeokuta, as part of an inspection of the multimillion-dollar plant project.
During this visit, he reflected on the challenges faced in the past, noting that the site was dismantled twice by the previous administration. However, he expressed optimism about returning to the site, attributing this positive development to the current administration’s supportive and investor-friendly policies.
He stated, “Our factory at Itori was dismantled twice. When we made a second attempt, the demolitions extended beyond the factory to the surrounding fence, prompting us to withdraw. However, we are now back, and I assure you that the developments are impressive.”
Mr. Dangote further assured stakeholders that, upon completion, the Itori cement plant will significantly enhance the overall capacity of the company’s cement plants in the state, bringing the total to approximately 18 million metric tons per annum.
This positioning will designate Ogun State as the leading cement-producing region in Africa.
“With the contributions of other cement manufacturers in the state, Ogun is markedly ahead of other regions across Africa in terms of cement production,” he emphasized.
According to Mr. Dangote, Dangote Cement remains the leading cement producer in Africa, with a total capacity of 52.0 million metric tons per annum across the continent.
He highlighted that 70 percent of this production occurs within Nigeria, with the Obajana plant in Kogi State representing the largest production facility in Africa, accounting for 16.25 million metric tons per annum.
He concluded by stating that the investments in cement manufacturing have enabled Nigeria to achieve self-sufficiency in cement production, similar to the progress made in the fertilizer sector, with surplus production contributing to export markets and generating essential foreign exchange for the nation.
Business
Naira Exchange Rates At The Parallel/ Official Market Tuesday, 21 July
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.11
GREAT BRITISH POUND (GBP) ₦1,857.35
EURO (EUR) ₦1,575.95
SWISS FRANC (CHF) ₦1,705. 31
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.94
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.49
SOUTH AFRICAN RAND (ZAR) ₦83.69
Business
Naira Exchange Rates Monday, 20 July
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 416 Sell ₦1,422
GREAT BRITISH POUND (GBP) Buy ₦1,895 Sell: ₦1,915
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.18
GREAT BRITISH POUND (GBP) ₦1,854.42
EURO (EUR) ₦1,577.00
SWISS FRANC (CHF) ₦1,707.94
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.57
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.48
SOUTH AFRICAN RAND (ZAR) ₦83.29
Business
BUA Foods target expansion into noodles industry
Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.
Chairman of the Board of Directors of BUA Group, Abdul Samad Rabiu disclosed that it’s food arm – BUA Foods is going into new sectors such as instant noodles because “we see it as a very important sector because of its affordability and its accessibility.”
Rabiu made the disclosure in Abuja on Thursday during the 5th Annual General Meeting of BUA Foods.
He also disclosed that as part of efforts to boost food sufficiency, “we are doubling our wheat milling capacity from over a million to over two million, wheat per annum. And that is huge.”
“We are also tripling the capacity of our edible oil business. In fact, we are setting up a brand new oil mill in Port Harcourt.
Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.
“Our ambition has never been to become bigger simply for the sake of size. We are building scale because Nigeria needs strong indigenous companies capable of competing at the highest level, investing for the long term and creating lasting value,” he said.
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