Naira devaluation won’t affect cement prices – Dangote

The Dangote Group said it has maintained the prices of various classes of cement products despite the devaluation of the naira by the Central Bank of Nigeria.

This was disclosed by the Dangote Group Sales Marketing Director, Rabiu Umar while speaking with newsmen in an interactive session with building industry professionals in Kano. He said the company addressed the recent scarcity of the product in the country by building a new line at Obajana.

According to him, the current scarcity of cement has led to a 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 the distribution of cement products, in order to force down the price, The Punch reports.

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.

Naira devaluation: BDCs get dollars at N393, sell for N494Naira slips to 490/$ at parallel market, CBN plans digital currency “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.’’