Sunday, Nov 29th 2020 4:55 AM

Market Digest Nigeria


Dangote, BUA gets presidential approval to export cement via closed borders

Nigeria has granted presidential approval to Dangote Cement and BUA Cement to export cement through its land borders, which have been closed for more than a year to check smuggling, a customs spokesman said on Tuesday

Nigeria closed its land borders last year to curb smuggling of rice and arms, which it says threatens efforts to boost local production and security, and to generate state revenues through import duties.

Joseph Atta, spokesman for the Nigerian Customs, said Dangote Cement, BUA Cement and a gas exporter received presidential approval to export to countries in West Africa following diplomatic engagements.

Atta told Reuters that discussions to reopen the borders were ongoing. Nigeria has not provided a timeline for reopening its borders after it closed them to all movement of goods.

Dangote Cement said on Monday during its result call that it restarted cement exports by road to countries within the West African sub-region in the third quarter after 10 months of border closure.

In 2019, Dangote Cement had said export volumes were affected by the border closure.

Nigeria has met with its West African neighbours over the borders closure and insisted on levying duties on goods transiting to its country through neighbouring nations to curb smuggling.  

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