Speaking on a rumored plan to reduce cement prices on October 1 from N5,500 to N2,700. The main business of Dangote Cement, Dangote Group, has disputed rumors that it will cut cement prices by 50.9 percent starting on October 1, 2023. Dangote Cement reportedly announced plans to lower the price of cement through a number of messages posted on social media sites, including WhatsApp groups.
The reports were labeled as fake news by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Industries Limited.
How Rabiu plans to reduce cement price
The rumored price cut for Dangote cement follows a recent statement made by Abdul-Samad Rabiu, chairman of the BUA Group. Rabiu had stated that his company intended to reduce cement prices from the current N5,500 per ton in Nigeria to N2,700.
By the time these lines are commissioned, BUA Cement will produce about 17 million tonnes per annum. And with that, we intend to bring down the cement price from its current level of N5000 or N5500 per bag to maybe N3000 to N3500 per bag.
Speaking to journalists, Rabiu said:
Dangote clarifies allegation of low price of cement in Benin Republic
Dangote Cement has debunked the claim that it exploits Nigerians by charging them N5,200 for a bag of 50 kg of cement when it only charges N1,500 for the same bag in the Republic of Benin.
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Dangote Cement was not being sold in Cotonou or anyplace else in the Republic of Benin, according to an investigation conducted there over the weekend. Although Dangote does not formally export cement to the Benin Republic, it does so by way of that nation in order to transport cement to Togo.
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The average cost of a 50kg (32.5r) bag of cement in the Benin Republic was found to be N6,216 (or 4,200 Cefa).
According to findings, the government of the country setting cement prices to ensure stability and the imposition of about 51% duty and other taxes on imported cement to deter importation and promote local production of cement were the two main factors affecting cement prices in the Republic of Benin.
On August 27, 2023, a report from an online magazine claimed that “Nigerians have taken to social media to call out billionaire Aliko Dangote for selling his bag of cement for N5,200 in his own country but selling at N1,500 in Benin Republic.