Aliko Dangote and Abdulsamad Rabiu Amidst the rise in the market price of cement across the 36 states of the Federal Republic of Nigeria, the government and the major stakeholders. in the cement industry met in Abuja, today, Monday, to see how the market price of the commodity will crash.
The meeting which was hosted by the country's Minister of Works, David Umahi, had in attendance the billionaire business magnate, Aliko Dangote of the Dangote Cement, the biggest cement manufacturing company in Nigeria; his closest rival, Abdulsamad Rabiu of the Bua Cement, among others.
At the meeting, the captains of the cement industry tabled their challenges before the government and gave assurance to crash the price of a 50kg bag of cement to between N7,000 and N8,000 depending on location, and the government must have addressed the highlighted challenge.
However, in its bid to encourage clean competition and ensure the industry produces enough commodities to satisfy the demand of the consumers in the Nigerian cement industry, the Federal Government of Nigeria has announced its readiness to approve the license of six more companies to join the cement industry in the country.
Although the names of the new companies have not been unveiled, and it is not clear if they will be subsidiaries of the market leaders, it is expected to threaten the market acceptability of the two leading companies in the country if the six new companies should come with full market forces as their foundation lies in solving the market instabilities.
Category: World-News
Tag: Fear Grips Dangote Bua as FG Considers Licencing of More Cement Manufacturers To Crash Price
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Published 2/20/2024 12:09:59 AM