Naira devaluation won’t affect cement prices – Dangote
The Dangote Group says 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.
Speaking with journalists shortly after an interactive session with the building industry professionals in Kano, the Dangote Group Sales Marketing Director, Rabiu Umar, disclosed the group had built a new line at Obajana to address the current scarcity of cement products in the country.
According to him, the current scarcity of cement has led to the sharp increase in prices, which are being determined by the forces of demand and supply.
Umar said the company had injected 2,000 trucks into the market to accelerate distribution of cement products, in order to force down the price.
He said, ‘’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.
“We have had a sudden 40 per cent increase in demand and that is what has led to the hike in the prices of cement in terms of the spike in demand.’’