Publicly traded cement company, Dangote Cement Plc have cut the price of cement from its stables, the Group Managing Director/Chief Executive Officer, GMD/CEO, Mr. Devakumar Edwin revealed in a statement.
A Dangote 32.5 cement grade will sell at N1,000 per 50 kg bag, while the higher 42.5 grade will cost N1,150 per bag, the statement noted.
The new prices are exclusive of the Value Added Tax (VAT), representing about 40 percent discount on the prevailing market price of the product currently sold for N1,700 irrespective of the grade, across the country.
Excerpts from the statement reads:
“We recognize the need for an increased rapid response to the huge infrastructure and housing deficit in the country, and one of the ways of addressing the issue is bringing the price of building materials down to much more affordable levels especially cement which is within our control as part of our contribution to the transformation agenda of the Goodluck Jonathan administration and the attainment of key milestones in the Millennium Development Goals, MDGs.
“Since the commencement of the implementation of the backward integration policy for cement in the country over 12 years ago, the local production capacity of the product rose from less than three million metric tonnes per annum to about 38 million metric tonnes per annum. During the more than 12-year period of the backward integration policy, nearly $20 billion has been directly and indirectly injected into the Nigerian cement industry with Dangote Cement Plc accounting for 60 percent of that spend,” said Devakumar.
He promised that Dangote Cement will continue to evaluate its pricing regime in the best interest of the country.