Dangote Laments Loosing Millions Of Dollars Selling Cement In Nigeria

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Dangote Laments Loosing Millions Of Dollars Selling Cement In Nigeria

The popular manufacturing company, Dangote Group has made it know that its cement is less costly in Nigeria than in Ghana and that it is declining dollar earnings focusing on the Nigerian market.

“To ensure that we meet local demands, we had to suspend exports from our recently inaugurated export terminals, thereby foregoing dollar earnings,”, revealing that the company also put in order its 4.5 million ton capacity plant based in Gboko.

While reacting to the rumour that it’s only in Nigeria that cement is of high cost, the management added that: “While a bag of cement sells for an equivalent of $5.1, including VAT in Nigeria, it sells for $7.2 in Ghana and $5.95 in Zambia ex-factory, inclusive of all taxes”.

It was noted that the Dangote each bag of cement costs #2,450 and #2510 from its factories and plants located in Obajana and Gboko respectively. These prices includes the Value Added Tax (VAT) as of April 12.

The company’s Group Executive Director, Devakumar Edwin says he had to make this clarifications due to the rumours and talks going up and down in the country that their company sells cement in Nigeria at a more costly prices compared to what is been sold in other countries, specifically mentioning Ghana and Zambia.

“This is all in a bid to guarantee that we meet demands and keep the price of cement within control in the country. Over the past 15 months, our production costs have gone up significantly.

“About 50 per cent of our costs are linked to the USD (dollar), so the costs of critical components such as gas, gypsum, bags, and spare parts; have increased significantly due to the devaluation of the Naira and VAT increase.

“Despite this, Dangote Cement has not increased ex-factory prices since December 2019 to date while prices of most other building materials have gone up significantly,” he said.


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