By Paul Ajayi
The devaluation of the naira by the Central Bank of Nigeria (CBN) will have no bearing on the prices of cements in Nigeria, Dangote Group has assured.
The company assured that prices of its various classes of cement products will remain unchanged despite the devaluation.
This was announced by the Sales Marketing Director of Dangote Group, Rabiu Umar while having a chat with the press shortly after an interactive session with the building industry professionals in Kano.
Umar said that the group had built a new line at Obajana to address the current scarcity of cement products in the country adding that the current scarcity of cement has led to the sharp increase in prices, which are being determined by the forces of demand and supply.
He added that Dangote Group had taken some steps to address the rising prices of cement across the country by slowing down on the export of its product to focus on domestic supply to meet local demand.
“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.’’
Umar also said that the company had rolled out 2,000 trucks into the market to further ease the distribution of its cement products, in order to force down the price.