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Dangote Signals Slower Pace of African Cement Expansion

  • Foreign-exchange constraints cause challenge in Nigeria market
  • Earnings hit by lower selling prices, higher fuel costs
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Dangote Cement Plc signaled it may ease the pace of adding new capacity amid foreign exchange constraints in its home market of Nigeria, as Africa’s largest producer of the building material reported a decline in first-half profit.

While the company remains committed to its ambitious growth plans, “we are taking a more measured approach to the roll-out of new capacity across Africa,” Chief Executive Officer Onne van der Weijde said in an e-mailed statement on Thursday. That could mean extending the time set aside to complete the projects, the Lagos-based company said.