Edwin Devakumar, group-managing director of Dangote Cement Plc, has announced a 40 per cent reduction in the price of Dangote cement. Hence he said the 50kg bag now sells at N1, 000. The company has also pegged its 32.5 cement grade at N1, 000 per 50 kg bag, while the higher 42.5 grade is to sell for N1, 150 per bag. The new prices, exclusive of the Value Added Tax, VAT, represent a drop of about 40 per cent on the prevailing market price of the product which currently goes for about N1, 700 irrespective of the grade, across the country.

Devakumar said the price slash underscores the company’s commitment to support the development of infrastructure around Nigeria and boost ongoing efforts by the federal and state governments to reduce the near 20 million housing deficit in Africa’s largest economy. “We recognize the need for a dramatic increase in the response to the huge infrastructure and housing deficit in the country, and one of the ways of addressing the issue, is bringing the price of building materials down to much more affordable levels, especially cement which is within our own control,” Devakumar said. He further stated that Dangote Cement would continue to ensure alignment of its corporate social responsibility with its strategic business initiatives, as well as evaluate its pricing regime in Nigeria’s best interest.

Rashidi Adebowale, the national president of the Block Moulders Association of Nigeria, said he was pleased with the development, especially what the price reduction holds for his members in Nigeria. Also, Okunola Abegunde, the Lagos State chairman of the Block Moulders Association, said he had all along been looking forward to a time like this, when the price of cement would crash and allow the low-income group to become house owners.