Pursuits
Nigeria's Largest Company Dangote Says Currency Situation Tight
- Dangote generating foreign exchange from overseas operations
- Dangote Cement receives regulatory approvals for Nepal plant
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Dangote Group, Nigeria’s largest company, is struggling with a constricted supply of foreign-exchange in the West African country and is relying on its international cement operations and export-credit agencies to get around the shortage.
“The forex situation is extremely tight in Nigeria,” Group Executive Director Devakumar Edwin said in an e-mailed response to questions on Wednesday. “But Dangote Cement is already generating income in foreign exchange in Ethiopia, South Africa, Tanzania, Senegal and Cameroon. Further, we are also making financing arrangements through export-credit agencies for the first time.”