DO YOU BELIEVE THIS?? We’re Losing Millions Of Dollars Selling Cement In Nigeria – Dangote Laments
Dangote Group has disclosed that its cement is cheaper in Nigeria than in Ghana, and that concentrating on the Nigerian market is costing it money.
The Dangote Group claims that its cement is cheaper in Nigeria than in Ghana, and that concentrating on the Nigerian market is costing it money.
“In order to satisfy local demand, we had to suspend exports from our recently inaugurated export terminals, resulting in a loss of dollar earnings,” he said, adding that the company had also reactivated its 4.5 million ton Gboko factory.
“While a bag of cement costs $5.1 in Nigeria, including VAT, it costs $7.2 in Ghana and $5.95 in Zambia ex-factory, including all taxes,” it said in a statement, despite reports that Dangote’s cement is more expensive in Nigeria.
As of April 12, the price of a bag of cement from Dangote Cement’s factories and plants in Obajana and Gboko was N2,450 and N2,510 at Ibese, respectively, including the Value Added Tax (VAT).
In a statement issued in Lokoja on Tuesday, Devakumar Edwin, the company’s Group Executive Director in charge of Strategy, Portfolio Growth, and Capital Projects, claimed as much.
The clarifications, he claims, are important in light of recent allegations that the company sells cement in Nigeria at a higher price than in other countries, especially Ghana and Zambia.
Mr Edwin said that while the company had full control over its ex-factory costs, it couldn’t control the price of cement on the open market.
“All of this is being done to ensure that we satisfy demand and keep the price of cement in the country under control. Our production costs have increased dramatically over the last 15 months. “Because approximately 50% of our costs are related to the USD (dollar), the costs of essential components including diesel, gypsum, bags, and spare parts have risen significantly as a result of the Naira’s depreciation and the rise in VAT. “Despite this, Dangote Cement has not increased ex-factory prices since December 2019, although most other building materials prices have increased significantly,” he said.
- DO YOU BELIEVE THIS?? We’re Losing Millions Of Dollars Selling Cement In Nigeria – Dangote Laments
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