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Dangote Group Laments How They Are Losing Millions Of Dollars To Sell Cement In Nigeria

According to Dangote Group, they sell cements cheaper in Nigeria than Ghana which is causing them loose dollar earnings focusing on the Nigerian market.

The group says that in order to meet local demands, they had to suspend exports from the export terminals they recently inaugurated, so as to forgo dollar earnings. And that a bag of cement is sold in Nigeria at an equivalent rate of $5.1, which includes VAT, but sells for $5.95 in Zambia and $7.2 in Ghana.

They also mentioned that as at April 12, the price at which they sell a bag of cement from the Obajana and Gboko factories and plants was N2,450 and N2,510 at Ibese, which also include the Value Added Tax.

This was made known in a statement by the Company's Group Executive Director in charge of Strategy, Portfolio Development, and Capital Projects, Devakumar Edwin.

According to Edwin, this is to clarify the speculations that Dangote cements sell higher in Nigeria than other countries. He added that they could not control the price of the cement in the open market as they can only control ex-factory prices.

Edwin mentioned that over the past 15 months the cost of production has increased significantly resulting from the devaluation of Naira and the increment of VAT , yet they still ensure they meet demands and keep the price of cement in Nigeria and that the prices of other building materials has increased but Dangote cement has not increased its prince since 2019.

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