Economy & Market
Dangote reduces price in Nigeria
Dangote Cement has cut cement prices in Nigeria by N300 per 50 kg bag or N6000 per tonne, effective immediately. An announcement was made to the Nigerian Stock Exchange on 3 September. The price cut is relevant to the 3X cement brand, which is a market-leader. In addition to the new pricing announcement, the company is said to be planning new marketing initiatives to help stimulate growth in Nigeria´s building sector. Dangote Cement decreased cement prices in November, but had to increase them again in December to protect profits in the wake of fuel shortages, logistics problems and the devaluing naira.