In a move that will raise the stakes in the rapidly evolving Nigerian cement market, leading cement manufacturer, Dangote Cement Plc, has announced huge cuts in the price of cement.
The new price regime announced by the Group MD of Dangote Cement, Devakumar Edwin, pegged the Dangote 32.5 cement grade at N1,000 per 50-kg bag, while the higher 42.5 grade will cost N1,150 per bag.
The new prices exclusive of VAT represent about 40% discount on the prevailing market price – currently N1,700 irrespective of the grade, across the country.
Edwin said this was in line with the company’s commitment to Nigeria’s need for infrastructure development and to boost government efforts to reduce the nearly 20 million housing deficit.
“We recognise the need for a response to the huge infrastructure and housing deficit, and one ways to do so is reducing the price of building materials to more affordable levels, especially cement, which is within our own control as part of our contribution to President Goodluck Jonathan’s transformation agenda and the attainment of Millennium Development Goals key milestones,” he said.
Since implementation of the backward integration policy for cement 12+ years ago, local production capacity rose from less than three million metric tonnes per annum to 38 million metric tonnes per annum.
Anti-open grazing law: ANEM condemns Miyetti Allah’s statements
