Nigerians have taken to social media to call out billionaire Aliko Dangote for selling his bag of cement for N5200 in his own country but selling at N1500 in Benin Republic.

This is coming weeks after Billionaire Dangote Ignores Nigerians as he employed 11,000 Indians in his oil refinery.

A Twitter user identified as @drpenking called out Dangote for selling his bag of cement for N5200 in Nigeria despite the fact that the raw material is sourced locally in Nigeria.

According to the Twitter user, the billionaire needs to explain why he sells at a higher price in Nigeria but sells it at N1500 in seme, Benin Republic.



More:
https://citymirrornews.com/news/2023/27/netizens-call-out-dangote-for-selling-cement-n5200-in-nigeria-n1500-in-benin-republic/

Lol

He has been looting Nigerians dry for years.

There was a year his after tax profit was more than half their revenue.

That meant if he cut his cement price by half, his company would have still made an after-tax profit.

I don't blame Dangote. It's Obj I blame who banned cement imports upon the greedy urging of Dangote that Nigeria could conserve foreign exchange by producing it locally.

This serves as a lesson to those who preach made in Nigeria.

Be is not the only one selling cement at the price neither is be the only cement manufacturer in the country…..

What a wicked business man to his people

grandstar:
He has been looting Nigerians dry for years.

There was a year his after tax profit was more than half their revenue.

That meant if he cut his cement price by half, his company would have still made an after-tax profit.

I don't blame Dangote. It's Obj I blame who banned cement imports upon the greedy urging of Dangote that Nigeria could conserve foreign exchange by producing it locally.

This serves as a lesson to those who preach made in Nigeria.

The Federal Govt Exclusive rights enjoyed by Dangote certainly has harmful ripple effects on the Nigerian economy.

nathyx:


The Federal Govt Exclusive rights enjoyed by Dangote certainly has harmful ripple effects on the Nigerian economy.

Dangote has no exclusive rights to manufacture cement. Anybody can just like his biggest rival Bua Cement.

It's the ban that has enabled Dangote and other local manufacturers make obscene profits producing cement due to lack of competition from imports.

Government should lift the ban on cement importation and place a 30% import tariff on it.

I would have preferred a lower tariff but one must factor in the fact that Nigeria is a high cost production environment due to bad infrastructure

If power was 24/7 and competitively priced, the duty should be lowered further. I'm sure he's more than recovered the cost of building most of his cement plants and paid of the loans.

grandstar:
He has been looting Nigerians dry for years.

There was a year his after tax profit was more than half their revenue.

That meant if he cut his cement price by half, his company would have still made an after-tax profit.

I don't blame Dangote. It's Obj I blame who banned cement imports upon the greedy urging of Dangote that Nigeria could conserve foreign exchange by producing it locally.

This serves as a lesson to those who preach made in Nigeria.

As usual, you sneaked in your bitterness towards individuals not on your side. OBJ banned import to allow local producers kickstart their journey into local cement production and avoid using scarce forex to buy what's in our land outside.
That doesnt and didn't stop successive govt from opening the borders to import of cement in order to maintain competition seeing that cement is capital intensive for Nigeria industrialists. All that needs to be done now is to open the border to cement inflow and let Dangote close shop if he want to as he is used to when he sees fierce competition. Indomie(noodles), juice, tomato and more of his business closed because competition won't allow him easily fix price to guaranty huge returns he is so used to. Now imagine if those businesses were capital intensive like cement, and resources licences based - something that requires politicking and connection to get for limestone - what the prices of juice, spaghetti, tomato and noodles would have been.

Dangote is a monster we made.

grandstar:
Government should lift the ban on cement importation and place a 30% import tariff on it.

I would have preferred a lower tariff but one must factor in the fact that Nigeria is a high cost production environment due to bad infrastructure

If power was 24/7 and competitively priced, the duty should be lowered further. I'm sure he's more than recovered the cost of building most of his cement plants and paid of the loans.

Even with a 30% duty, Dangote will easily break even. It is BUA and co I am not so sure of. Cement production is strongly tied to cheap power and Dangote has efficient power systems that gives him ridiculously low cost power by reason of scale of economy. There is nothing bad in kick starting local production. GEJ too tried it but in a better format via YouWIN. Reduce the privilege and capital and spread it out to young people with no connection to become monopoly monsters.

grandstar:


Dangote has no exclusive rights to manufacture cement. Anybody can just like his biggest rival Bua Cement.

It's the ban that has enabled Dangote and other local manufacturers make obscene profits producing cement due to lack of competition from imports.

he has no exclusive right to cement indeed but cement is capital intensive business not many can enter and even of those who can enter it, none is as connected and privileged as Dangote. His tribe controls west Africa and Nigeria(army inclusive).
His family has the influence and power very have over their countries in the world. He is a profit driven man and will gladly take efficient technologies over human inputs, thereby sacrificing employment.
All the govt has to do is open borders to cement.

nathyx:


The Federal Govt Exclusive rights enjoyed by Dangote certainly has harmful ripple effects on the Nigerian economy.

Not true but very close to the real picture of things. When you combine his connections, wealth, and business acumen, he has what can be safely assumed exclusive cement right.

This is interesting