Economy & Market
Nigeria's Dangote Cement raises prices
According to Bloomberg, Dangote Cement has raised the price of cement in Nigeria after a devaluation in the naira and disruptions to its natural-gas supply resulted in substantially higher operating costs. The company raised the price of cement by 600 naira ($1.90) per bag in its home country, erasing a price cut in September last year.
Nigerian companies are fighting a downturn in the economy, which slumped 2.1 per cent year-on-year in the second quarter. The naira has lost more than one-third of its value since 20th June.
Dangote shares rose 0.2 per cent to 175.89 naira by market close in Lagos, valuing the company at 3 trillion naira ($8.9 billion).