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Speaking on a rumored plan to reduce cement prices on October 1 from N5,500 to N2,700

The main business of Dangote Cement, Dangote Group, has disputed rumors that it will cut cement prices by 50.9 percent starting on October 1, 2023

Dangote Cement reportedly announced plans to lower the price of cement through a number of messages posted on social media sites, including WhatsApp groups. Dangote’s 86% ownership of Dangote Cement, which is traded publicly, accounts for the majority of his wealth”

Dangote crashes cement price from N5500 to N2700,” the statement states. On October 1st, cement’s price dropped by 50%, from N5500 to N2700, according to Aliko Dangote

However, Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Industries Limited, called the reports “fake news” in an interview with Legit.ng

The rumored price cut for Dangote cement follows a recent statement made by Abdul-Samad Rabiu, chairman of the BUA Group

The price of cement in Nigeria will be reduced from its current N5,500 to a range of N3,000 to N3,500, according to Rabiu, the CEO of his company

On Friday, September 15, 2023, following their meeting with President Bola Tinubu, he spoke. The billionaire claims that the price cut will go into effect after the opening of two new cement facilities by the end of the year or the beginning of 2024

When addressing the media, he stated: “BUA Cement will generate around 17 million tonnes annually by the time these lines are commissioned. And with that, we hope to reduce the price of cement from its current level of about N5000 or N5500 per bag to perhaps N3000 or N3500

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He claimed that by increasing output, his business will oversupply the market with cement and drive down prices for Nigerians

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