Dangote Cement has been approved by the federal government to restart its exports across the nation’s land boundaries,
The news agency cited its source, Dangote Cement Chief Executive Officer (CEO) Michel Puchercos, as reporting that the firm resumed cement exports to Niger and Togo for the first time “by authorization granted by this administration” in 2020.
The exemption granted to Dangote Cement is projected to open the way for other companies to completely resume exports through the land barriers of the country.
Pucheros told investor call participants that the firm has restored limited scales “restricted values” land exports and aims to increase trade via sea channels.
President Muhammadu Buhari closed the country’s land boundaries in October 2019 to curtail the smuggling into the country of hard drugs and weapons.
The closure, aimed at boosting local production and improving stability, has had a major effect on neighboring countries such as Togo, Ghana and Cote D’Ivoire, which rely on more than 200 million people in Nigeria’s economy.
Vice President Yemi Osinbajo ensured in September 2020 that the federal government will reopen the country’s land boundaries within a limited period of time.
For his part, Guillaume Moyen, Dangote Cement ‘s acting Chief Financial Officer (CFO), said the company’s intention to buy back some of its shares was hampered by the uncertainty of the market and the low liquidity that affected the valuation.