Nigeria set to rake in $500m from cement exports
Nigerian industrialist Aliko Dangote says the country is on track to earn at least $500 million annually from cement exports, highlighting a major shift in Nigeria’s economic trajectory driven by domestic industrialisation and strategic policy reforms
Speaking at the Afreximbank Annual Meetings in Cairo during a panel titled “The Path to Making Africa Great Again”, Dangote said Nigeria has become Africa’s largest cement exporter, with his company building an export-only cement plant to further boost foreign exchange inflows.
“When we finish our factory, it’s 100 percent for export,” Dangote told CNN’s Eleni Giokos. “And Nigeria will not earn less than $500 million just from exporting cement.”
The surge in cement production follows Nigeria’s early 2000s backwards integration policy, initiated under former President Olusegun Obasanjo, which barred cement imports unless companies invested in local manufacturing.
Dangote credited this policy for sparking a wave of industrial growth, remarking, “We were small then, but our bankers supported us. Today, Nigeria produces over 60 million tonnes of cement annually, up from 31.9 million tonnes.”
Beyond cement, Dangote noted Nigeria is also exporting fertiliser and refined products, including jet fuel to the U.S. and Asia, and that 37% of its fertiliser output now goes to the U.S. The Dangote Group plans to list its fertiliser company on the Nigerian Exchange this year and the new refinery in 2026.
The relevance of Nigeria’s industrial gains extends beyond national borders. As Africa works to reduce reliance on imports and create jobs, Dangote urged policymakers to prioritise local production over import dependency.
“If we keep importing, we’re importing poverty and exporting jobs,” he said, invoking the need for an "Africa First" approach.
He also stressed that strong local industries attract foreign investment, saying, “Foreign investors don’t just show up. Support your local champions first, then others will come,” he said, criticising Africa’s over-reliance on external capital.
Dangote identified electricity deficits and policy inconsistency as key obstacles to Africa’s industrial future, while calling for bold leadership. “Two things don’t allow industries to thrive in Africa: lack of electricity and inconsistency in government policies,” he warned.
His remarks come at a time when Africa’s trade finance gap is estimated at $120 billion, according to the African Export-Import Bank (Afreximbank).
Dangote praised Afreximbank and other regional institutions as vital to scaling African enterprise, stating, “That’s how we build Africa.”
This story is written and edited by the Global South World team, you can contact us here.
