OMG! Nigerians rush to buy cement after billionaire crashed price to ‘N6k’ per bag
- A particular person has stated that Nigeria’s most up-to-date cement company has begun selling its product at N6,000 per bag
- Aroused Nigerians believe hailed the announcement and are already soliciting for areas the attach they have to aquire it, while others are calling for a decrease effect
- The three greatest cement producers in Nigeria are Dangote Cement, BUA Cement, and Lafarge Cement
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Legit.ng journalist Dave Ibemere has over a decade of industry journalism journey with in-depth recordsdata of the Nigerian economic system, stocks, and total market traits.
The Mangal Cement Firm Runt, owned by Katsina-born billionaire Dahiru Mangal, has started selling cement produced at its newly performed $1.5 billion plant in Kogi Teach.
In a post he made on X, a man, Maleek Ana, displayed two baggage, claiming he sold a bag on the cost of N6,000.
Picture credit rating: Nurphoto
Offer: Getty Photographs
The actual person wrote on X:
“The cost Of Mangal cement is 6,000.”
Glimpse his post:
Mangal cement plant to manufacture 200 vans on daily foundation
Legit.ng reported that the power will fabricate about 200 cement vans on daily foundation, which analysts issue will fabricate order and oblique jobs.
Mangal Industries signed a take care of a Chinese company, Sinoma, to design the power in November 2021.
The company’s chief government officer, Fahad Mangal, promised a assert-of-the-art work, technology-pushed facility and not utilizing a environmental threats.
Nigerians react to Mangal cement effect
@Melebroz1 commented:
“Right here’s a particular creep, however I mediate Mangal Cement’s production line would possibly handiest handle 200 baggage per day.”
@YDutsun44451 stated:
“Mangal, thanks for intensifying the competition within the cement market. You doubtlessly would possibly merely peaceable deem lowering your effect to snappy design extra consciousness.”
@de_prof_de_chef added:
“Any plans to design it even more cost-effective, indulge in N4k? Also, how sturdy is it?”
@Olowolagbaomo remarked:
“Right here’s a market approach at work. Dangote did one thing identical after they entered the market, selling at N1,250/N1,300 when the market effect was as soon as N1,650. It be a precise time to rob income of it.”
@Wf_Bobson urged:
“Why is it priced at N6k? That’s too high. Decrease it to N2k to design it extra sensible for the frequent particular person and to undercut Dangote’s products.”
@Abbadanejo asked:
“I are searching for to purchase 50 baggage. Can anybody assist me with that?”
Cement producers agree on new effect
Legit.ng earlier reported that cement producers believe determined to decrease the product’s effect to between N7,000 and N8,000 per 50kg.
This was as soon as agreed throughout a meeting initiated by the minister of works, David Umahi, and attended by his counterparts from the Ministry of Industry, Swap, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19, 2024.
The meeting was as soon as piece of efforts made to title the underlying reasons for the abrupt expand in commodity prices.
Offer: Legit.ng
