Dangote Cement, Africa’s largest producer of the building material, has cut prices of cement in its home market Nigeria by N300 in an attempt to boost cement consumption.
The price cuts to its 3X cement brand by N6 000 ($30.23) per metric tonne, translating to N300 reduction per 50kg bag, allows Dangote to still achieve strong returns, CEO Dangote Cement, Onne van der Weijde, said in a Lagos.
Meanwhile, a survey across the country revealed that distributors and retailers are beginning to implement the new price regime, resulting in gradual decline in the price of cement across the country.
A retailer in Benin City, Edo State, Sebastian Iwemgiwe, noted that the essential building which was sold at N1,850 per 50kg bag has, since last week, come down to N1,650 per bag and is likely to decline further.
The claim of price reduction was corroborated by other retailers, including Opeloyeru Eniola in Ojodu area of Lagos State, who said: Although I am still selling his old stock, I am aware that the price for the next supply has been reduced.