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Dangote to leverage expansion, new trade routes under AfCFTA

Published

5 years ago

January 10, 2021

With many countries strategizing for the African Continental Free Trade Area (AfCFTA) that kicked off at the beginning of this month, Dangote Industries Ltd, has stated that its cement expansion plan and fertilizer investments will open new trade routes for the company and Nigeria under the trade deal.

Already, the cement company, despite an installed capacity of 29.3Mta in Nigeria, is targeting an expanded entity in-country and in Cameroon, while new plants will soon be ready for commissioning in Niger, Benin, Ghana, Cote d’Ivoire and Togo.

According to President/Chief Executive, Dangote industries Ltd, Aliko Dangote, Africa needs to deliberately improve its per capita consumption of cement in order to aid infrastructural development by stimulating further demand and forcing down the cost of the commodity.

With the United Nations Conference on Trade and Development (UNCTD) report for 2020 clearly stating that for the Africa free trade area to work, the deficit in infrastructure should be looked into, Dangote is hoping to leverage the deficit with his cement investment in the continent.

For Dangote Industries Ltd, moving goods like cement by road from Nigeria where they are manufactured to Ghana, where there is a big market, is “unviable”, hence the need for new plants that will open multiple trade routes.

Group Executive Director of Dangote Industries Limited, Devakumar Edwin, had earlier explained that the movement of products via road is expensive as the governments of Togo and Benin complained of the pollution that the trucks will bring to the environment as well as the toll on the roads.

With the success of the Doula plant in Cameroon, the company is already doubling its capacity in Yaoundé and targeting three million tonnes in the country to check competition as well as earn foreign exchange.

Last year, Dangote Cement’s Pan Africa performance has been strong for all its operations in terms of margin in local currency with a few exceptions due to Covid-19.

As the restrictions in many economies are lifted, the company is hopeful of improved performance and earnings.

In 2011, Dangote had announced plans to invest $100 million to build a cement factory in Cameroon, in a move that would come to check monopoly and impact the economy of the country.

Dangote however described the plant as “our largest Greenfield project in a neighbouring country with which we not only share a boundary but also a long history of brotherly relationship dating from our colonial days. Owing to the rich culture and history that we share, we have a better understanding of Cameroon.”

He had said: “Our desire to increase our investment with the Phase 2 project is based on not only the fast growth rate of the Cameroonian economy but also due to the warm welcome extended to us and the enabling environment created by the government of Cameroon.

“Our choice of Cameroon for this multi-million-dollar investment is quite strategic. Cameroon is the largest economy in Central Africa and is well endowed with abundant natural resources. The country also enjoys political stability, adequate security and growing infrastructural development. In addition, President Biya has created an enabling environment that has continued to attract investors both from within and outside the African continent.”

He said that the desire to ensure that Africa becomes self-sufficient in cement production informed the signing of a $4.34 billion contract with Sinoma International Engineering Company Limited, a Chinese construction giant, for the construction of 11 new cement plants in 10 African countries, and Nepal in Asia.

Pioneer Country Manager, Dangote Cement Cameroon SA, Abdullahi Baba, stated that the journey in the last five years has been excellent, noting that it was not easy to oversee a project from the drawing table until full actualization.

“We came in and the market was already satisfied but we brought out high quality products at affordable prices. We are so proud at the way we have been received both by the government and the people of Cameroon and I want to say that as at today, we have become the household name and we have come to stay in the entire country.

“There are so many high points for the company. The first was that we came into Cameroon with the best technology available in the industry anywhere in the world. The other was that we introduced products that were the trailblazer in Cameroon as at that time because our quality was up there.

He however noted that though competition has been coming up fast in the country, the firm is not relenting on its oars, saying, “We are doing everything we can to ensure that we maintain this position, but the key thing is the market share, the profitability and the maximizing of the use of local raw materials in the production of cement.

“As we continue to work on volume increase and cost reduction, our current programme of alternative fuel system for all of our plants is will equally change the game. By leveraging alternative energy, we hope to bring down our cost as much as possible considering that cement production is a high-energy intensive activity”, he added.

Minister of Mines, Industry and Technological Development, Gabriel Dodo Ndocke stated that since Dangote Cement was established in Cameroon, accessibility to cement product, the price and the quality has been enhanced, adding that the impact of the company on the economy is huge.

“Today you can get cement everywhere and the price is accessible for everyone and the market has been open to other investors creating job opportunities.

“Dangote has thrown the market open and before he came to Cameroon, our market was with just one investor in the sector. The presence of other investors has made it easy for us to get cement in a good quality and at an accessible price”, he added.

The firm’s Country Manager, Bertrand Thaïs Mbouck, said the cement company is completing a period of induction, going by the sustainable approach towards growth.

“How I see our company is like a 20 to 25 years sustainable growth agenda. We have to ensure that our strategy is properly drawn and implemented by doubling our commitment, involvement, improving our attitude and everything we are doing. In essence, we are focusing on efficiency, performance and the right attitude in everything we do.

“What has really surprised us in this pandemic is that in comparison with other industries, the cement industry in Cameroon has been improving with positive outcome. We tend to see growth in demand for our product compared to other industries.

“What we have realised in this pandemic, people have focused on some important investments in their life like building a house, as they are not traveling like they used to do. Our team also gave us an additional edge compared to competition. Our workforce has been intensively tracing the customers, tracing the point of sale and that has given us an edge in the market”, he added.

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ZENITH BANK EXPANDS FOOTPRINT WITH CÔTE D’IVOIRE SUBSIDIARY LAUNCH

Published

3 days ago

April 29, 2026

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Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.

Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.

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GTCO Food and Drink Festival 2026 Presents “Everything Food and Drink”

Published

1 week ago

April 23, 2026

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Guaranty Trust Holding Company Plc (GTCO Plc) is pleased to announce the 9th edition of the GTCO Food and Drink Festival, scheduled to hold from Friday, May 1st to Sunday, May 3rd, 2026, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos.Geographic Reference

This year’s theme, “Everything Food and Drink,” captures the expansive nature of the Festival experience. It reflects not only the variety of cuisines on display but also the depth of stories behind them. Over the years, the GTCO Food and Drink Festival has grown far beyond a seasonal celebration to become a culturally significant platform where food and drink serve as a meeting point for storytelling, innovation, and opportunity. The Festival will feature 204 free retail stalls, showcasing the rich diversity and creativity of our food culture; from time-honoured traditional dishes preserved across generations, to bold contemporary interpretations of global cuisine, creating space for every flavour, every technique, and every craving to find expression.

Visitors can expect a rich programme featuring interactive masterclasses, live culinary demonstrations, food and wine tastings, and a vibrant marketplace showcasing small and medium-scale food businesses alongside established culinary brands. In addition to its wide range of food and drink offerings, the GTCO Food and Drink Festival is renowned for its family-friendly atmosphere, with a well-equipped play area and a variety of engaging activities for children, ensuring an unforgettable experience for the whole family.

Speaking ahead of the 2026 edition, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, emphasized the Festival’s continued evolution as both a cultural and economic enabler: “The GTCO Food and Drink Festival has, over the years, become a living expression of what we stand for as an institution: innovation, opportunity, and enterprise that is accessible to all. What makes this platform special is not just its scale, but its humanity. It brings together people from different walks of life around something universal—food and drink—and in doing so, it breaks barriers and builds connections that extend far beyond the event itself.”

Since inception, the GTCO Food and Drink Festival has positioned itself as one of Africa’s most prominent culinary gatherings, attracting participation from across Nigeria and increasingly from the wider continent and diaspora.

Admission remains free and open to all, reaffirming the Festival’s commitment to accessibility as a consumer-focused event that brings people together through food, drink, culture, and enterprise.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com

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Fidelity Bank Partners Aircraft Finance Germany to Grow African Aviation Industry

Published

4 weeks ago

April 3, 2026

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Leading financial institution, Fidelity Bank Plc, has announced the signing of a strategic partnership agreement with Aircraft Finance Germany (AFG) to advance the aviation sector in Nigeria and across Africa by both organisations.

The agreement was formally executed by Mr. Christian Hatje, Managing Director, Business Aviation and SVP Commercial, representing AFG; and Mr. Stanley Amuchie, Executive Director and Chief Operations and Information Officer of Fidelity Bank Plc at a signing ceremony in Germany recently.

Speaking at the signing ceremony, Mr. Christian Hatje stated, “This partnership marks a significant milestone in our commitment to Africa’s aviation future. Partnering with Fidelity Bank, Nigeria’s leading aviation financier, we are confident in our ability to structure solutions that will drive meaningful growth across the sector.”

Through this partnership, both institutions will work closely to identify, finance, and grow aviation opportunities across the continent. The collaboration aims to provide innovative leasing and financing solutions that support airlines, aviation operators, and related stakeholders in expanding capacity, modernizing fleets, and strengthening operational and fleet efficiency.

“Fidelity Bank remains dedicated to supporting the aviation industry through tailored financial solutions. Our collaboration with AFG strengthens our capacity to provide sustainable financing that will contribute to the expansion of aviation in Nigeria and across Africa,” explained Mr. Stanley Amuchie.

This partnership reflects a shared vision to foster long-term development, stimulate investment, and create sustainable opportunities within the African aviation industry.

Nigeria remains a strategic hub for aviation development in Africa. By combining AFG’s leasing expertise with Fidelity Bank’s deep sector knowledge and financial strength, the partnership is positioned to unlock new growth pathways and enhance the sustainability of the aviation ecosystem.

This collaboration in Africa forms part of AFG’s broader global portfolio expansion strategy, reflecting the company’s continued commitment to structured aviation investments across multiple international markets.

Fidelity Bank is regarded as a market-leader in the Nigerian aviation industry with a long list of interventions across the value chain. Its aviation finance solutions support aircraft acquisition and leasing, route expansion, aviation infrastructure development, cargo and export enablement; and partnership structures for large projects.

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