Nigeria’s Dangote Cement has acquired 20,000 additional vehicles to improve the distribution of its products across the country. The vehicles, made up of trucks, trailers and tippers, represent an investment of US$150m.
"These assets would meet the expected increase in demand for transportation of cement to every part of the country and create employment for over 4000 people in Nigeria," said Dangote spokesperson Tony Chiejine.
"We have acquired the new trucks in line with our new expansion capacity in Obajana, Ibese, Gboko and the new cement plant coming up on stream at Okpella, Edo State, in few weeks’ time," said Mr Chiejine.
The company has also obtained the approval of its board for medium-term debt funding under its NGN300bn (US$730m) bond programme. It intends to issue its maiden series of bonds (series 1 bonds), subject to obtaining regulatory approvals and favourable market conditions.
The bonds will be used to refinance short-term debt used for cement expansion projects, working capital and corporate purposes.
