Dangote Cement, opened a US$1bn cement plant on Thursday, raising its production capacity by more than 40 per cent.

The new plant will produce 6Mta of cement, taking Dangote’s total production to 20.25Mta. The new facility is situated in Ibese, Ogun state, just outside Lagos.

"We are working towards making the company one of the eight biggest producers of cement in the world," Dangote's billionaire owner Aliko Dangote said at the plant opening.

"With the commissioning of the Ibese plant, Nigeria has been transformed from major importer of cement to self sufficient in production and export."

Mr Dangote added that in the next two years, the company’s Obajana plant in Kogi state would be upgraded from 10.25Mta to 15Mta.