The Domestic Trade and Economy Cash Speaking on a rumored plan to reduce cement prices on October 1 from N5,500 to N2,700 . Dave Ibemere updated
Tuesday, September 26, 2023 at 5:33 AM According to rumors, Dangote Cement will lower the cost of a bag of cement from N5,000. According to reports, the increased price will go into effect on October 1 and will reflect BUA Cement’s recent
choice to lower the price In order to validate the anticipated new pricing for a bag of cement in the coming days, Legit ng contacted the Dangote group. The main business of Dangote Cement, Dangote Group, has refuted rumors that it intends to cut cement costs by 50% percent.
Dangote Cement reportedly announced plans to lower the price of cement through a number of messages posted on social media sites, including WhatsApp groups. Dangote’s 86% ownership of Dangote Cement, which is traded publicly, accounts for the majority of his wealth. Image source: Tom Saater via Getty Images The note says: ”
Cement prices are reduced by Dangote from N5500 to N2700. On October 1st, cement’s price dropped by 50%, from N5500 to N2700, according to Aliko Dangote.
Dangote responds. Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Industries Limited, exclusively discussed the stories with some bloggers and referred to them as fake news.
How Rabiu intends to lower the price of cement The rumored price cut for Dangote cement follows a recent statement made by Abdul-Samad Rabiu, chairman of the BUA Group.
The price of cement in Nigeria will be reduced from its current N5,500 to a range of N3,000 to N3,500, according to Rabiu, the CEO of his company. On Friday, September 15, 2023, following their
meeting with President Bola Tinubu, he spoke. The billionaire claims that the price cut will go into effect after the opening of two new cement facilities by the end of the year or the beginning of 2024.
When addressing the media, he stated: “BUA Cement will generate around 17 million tonnes annually by the time these lines are commissioned. And with that, we hope to reduce the price of cement from its current level of about N5000 or N5500 per bag to perhaps N3000 or N3500.
He claimed that by increasing output, his business will oversupply the market with cement and drive down prices for Nigerians. After Tinubu and CBN’s naira decision, Dangote Cement, MTN, and 8 other companies lose more than N630 billion in 6 months. In a different report,