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Cement Price Reduction Will Not Kill Competition – Dangote PT2
Posted
November 14, 2014
Views
2,508
November 14, 2014
2,508
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9:32Now PlayingThe Dangote Cement company says the cement bag cost price reduction was not meant to kill competition in the sector but to ensure that cost of building in Nigeria is gradually reduced.
The Group Managing Director of Dangote Cement, Devakumar Edwin, told Channels Television on Friday that the supply of the product had far outweighed the demand and that it called for price reduction to ensure that buyers would benefit more.
The decision to drop the price of cement had triggered fears that other cement companies, selling higher than the current price of 1,000 Naira and 1,150 Naira for the different qualities, would lose customers and in turn stop production.
Mr Edwin said that Dangote's current production capacity is 29 million tonnes, which is enough to supply to Nigerians and even to neighbouring countries.
He said that the 40 per cent reduction in cement price should not be a source of worry to competitors, insisting that most competitors had been in the business for decades before Dangote started production and that they should have a fair share of the market.
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