Dangote Claims Cement Prices Cut For Nigerians' Needs

Devakumar Edwin, Dangote Group chief executive, tagged the accusations on deliberate cement price cut as ‘groundless’ during “Business Morning” programme aired on November 17, 2014.

Dangote is being ceaselessly blamed for encouraging monopolistic trends by the recent decrease in cement prices described as “unprecedented”.

However, Mr. Devakumar claimed yesterday that the decision was truly patriotic. He said that the prices were cut not to overwhelm the market, but to provide as many Nigerians as possible with the opportunity to build their own houses, for it‘s still the privilege of the well-off due to the high cement prices.

The Group Managing Director of Dangote Cement, Mr. Devakumar Edwin

This decision was backed by several senior officials including Minister of Industry, Trade and Investment and Chairman of the Trusted Shareholders Association. Muhammad Attah, coordinator of the NGO Network, even called this price cut one of the largest investments in the history of Nigeria.

At the same time, Dangote is expected to put into operation a new refinery with processing capacity of 500,000 barrels per day to support the local crude market.