Recently, rumors have been circulating on social media that Dangote Cement, one of the leading cement manufacturers in Nigeria, is planning to reduce the price of cement from N5,500 to N2,700. This news has caused quite a stir on various platforms, with many people wondering whether it is true or just another rumor.
Upon digging deeper into this claim, it appears that there is no official announcement or credible validation supporting this price drop. StechiteGist Media, a Nigerian news outlet, stated in an article that they could not find any official announcement or credible validations supporting this price drop.
Similarly, StechiteGist Media reported that the management of Dangote Cement Plc has debunked reports of a price drop, stating that the rumors were being spread by some people on social media in order to trend, generate traffic, and make money.
When you compare Dangote Cement to Lafarge, that’s limited competition Open up the market, if imports are cheaper, Nigerians should buy the imports & rent will fall. Win for Nigerian consumers If truly local cement is cheaper, then imports will not stand a chance, right?
It’s important to note that Dangote Cement is a publicly traded company, and any significant changes in its operations or pricing would be announced through official channels, such as the Nigerian Stock Exchange or the company’s website. As of this writing, there has been no official announcement from Dangote Cement regarding a price drop.
Aliko Dangote, Chairman of Dangote Group have been blast by Nigerians for denying alleged plans to crash Cement Price from N5,500 to 2,700
It’s also worth mentioning that Dangote Cement’s market value has been fluctuating in recent years. In December 2021, Nairametrics reported that Dangote Cement’s market value had dropped by N477 billion, which weighed down the SWOOTs (stocks worth over one trillion) capitalization further. This shows that the company’s market value is subject to various external factors, such as market demand, supply chain disruptions, and global economic conditions.
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Furthermore, Dangote Cement has been transparent about its pricing policies in the past. In a statement to Marketscreener, the company’s spokesperson stated that they sell cement at a factory price of N2,450 per bag, which is a fair and just price. The spokesperson also mentioned that Dangote Cement has no control over the prices charged by other cement manufacturers or the prices charged by retailers.
In conclusion, while rumors of a Dangote Cement price drop from N5,500 to N2,700 have been circulating on social media, there is no official announcement or credible validation supporting this claim. The management of Dangote Cement Plc has debunked the rumors, stating that they are being spread by some people on social media