Dangote Maintains Cement Price Despite Naira Deval…
The Dangote Group on Tuesday said it has not increased the prices of its various classes of cement products despite the devaluation of the naira by the Central Bank of Nigeria.
This is as the conglomerate moved to further increase the capacity of its cement production in order to sort the issue of scarcity and drive down the price.
Instead, the group’s Sales and Marketing Director, Rabiu Umar, stated that it had released 2000 trucks into the market to increase distribution and counteract the cement price hike in the country. The price increase has been attributed to a sudden 40 percent demand increase.
Umar said that the group had built a new line at Obajana to address the current scarcity of cement products in the country adding that the current scarcity of cement has led to the sharp increase in prices, which are being determined by the forces of demand and supply.
“We in the past had an opportunity to export our cement but had to slow down, just to meet local demand. So, if you ask me, we have five different concrete actions that Dangote Group has taken to address skyrocketing prices of cement. And we believe that these actions will have a very positive effect of bringing down the prices of cement,” said Umar.
About 2 weeks ago, Dangote Cement Plc had announced that it was going to increase production to boost supply across the country in a move seen as part of the plans to close the demand gap and drive down the price of cement.