‘Thank You’: Nigerians Rush To Buy As Billionaire Company Crashes Cement Price to ‘N6,000’
- A man has stated that Nigeria's latest cement company has begun selling its product at N6,000 per bag
- Excited Nigerians have hailed the announcement and are already requesting locations where they can purchase it, while others are calling for a lower price
- The three largest cement producers in Nigeria are Dangote Cement, BUA Cement, and Lafarge Cement
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Mangal Cement Company Limited, owned by Katsina-born billionaire Dahiru Mangal, has started selling cement produced at its newly completed $1.5 billion plant in Kogi State.
In a post he made on X, a man, Maleek Ana, displayed two bags, claiming he bought a bag at the cost of N6,000.
Source: Getty Images
The man wrote on X:
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"The price Of Mangal cement is 6,000."
See his post:
Mangal cement plant to produce 200 trucks daily
Legit.ng reported that the facility will produce about 200 cement trucks daily, which analysts say will create direct and indirect jobs.
Mangal Industries signed a deal with a Chinese company, Sinoma, to build the facility in November 2021.
The company's chief executive officer, Fahad Mangal, promised a state-of-the-art, technology-driven facility with no environmental threats.
Nigerians react to Mangal cement price
@Melebroz1 commented:
"This is a positive move, but I think Mangal Cement's production line might only handle 200 bags per day."
@YDutsun44451 said:
"Mangal, thank you for intensifying the competition in the cement market. You should consider lowering your price to quickly gain more awareness."
@de_prof_de_chef added:
"Any plans to make it even cheaper, like N4k? Also, how strong is it?"
@Olowolagbaomo remarked:
"This is a market strategy at work. Dangote did something similar when they entered the market, selling at N1,250/N1,300 when the market price was N1,650. It's a good time to take advantage of it."
@Wf_Bobson suggested:
"Why is it priced at N6k? That’s too high. Reduce it to N2k to make it more affordable for the average person and to undercut Dangote's products."
@Abbadanejo asked:
"I want to buy 50 bags. Can anyone help me with that?"
Cement manufacturers agree on new price
Legit.ng earlier reported that cement manufacturers have decided to reduce the product's price to between N7,000 and N8,000 per 50kg.
This was agreed during a meeting initiated by the minister of works, David Umahi, and attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19, 2024.
The meeting was part of efforts made to identify the underlying reasons for the abrupt increase in commodity prices.
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Source: Legit.ng
