Dangote Cement Plc. has slashed the price of cement in Nigeria in an attempt to boost cement consumption. The company is also hoping the lower prices will help increase export sales to neighbouring nations.
According to information made available to the Nigerian Stock Exchange (NSE), Dangote Cement would reduce the price of its 3X brand of cement in Nigeria by N300 per 50kg bag, or N6,000 per tonne. The new price will become effective immediately.
The price cut to its 3X cement brand by 6,000 naira ($30.23) per metric tonne will still allow Dangote to achieve strong returns, Chief Executive Officer Onne Van der Weijde said in a statement on Thursday.
“We hope that reducing the cost of cement will help to stimulate building work across Nigeria at a time when the economy is in need of a boost. We believe our cost-saving initiatives and new pricing strategy will help to support the naira by reducing unnecessary imports and by enabling us to generate valuable foreign exchange earnings,” Van der Weijde said.
Source: Bloomberg.com
