Dangote reduces cement price to N1,000

                         

In a move that will raise the stakes in the rapidly evolving Nigerian cement market, leading cement manufacturer, Dangote Cement Plc, has announced huge cuts in the price of the essential product.
In a step that will make cement cheaper than it has ever been since 2005, the new price regime announced by the Group Managing Director of Dangote Cement, Mr. Devakumar Edwin, said the company has pegged the Dangote 32.5 cement grade at N1,000 per 50kg bag, while the higher 42.5 grade is to sell for N1,150 per bag.
The new prices exclusive of the Value Added Tax (VAT) represents about 40 per cent discount on the prevailing market price of the product which is currently sold for N1,700 irrespective of the grade, across the country.

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Edwin said the move is in line with the company's commitment to the nation's dire need for the development of infrastructure and to boost the federal and state governments' ongoing effort to reduce the near 20 million housing deficit in Africa's largest economy.

The GMD/CEO also noted that Dangote Cement Plc would continue to ensure alignment of its corporate social responsibility with its strategic business initiatives and also would continue to evaluate its pricing regime in Nigeria’s best interest.

Dangote with this move now produces 42.5 grade for column casting, block making, decking and other general purpose construction works that require high strength, while also producing the 32.5 grade for rendering or plastering.
President of the Nigerian Institute of Architects Mr. Bruno Niyi, hailed the decision by Dangote Cement Plc on the price reduction and urged the management of the company to sustain the new price regime and ensure it is not hijacked by profiteers.