Cement prices may rise over Dangote plant shutdown in Kogi – Expert

user_icon Cement prices may rise over Dangote plant shutdown in Kogi – Expert Posted by: NOTICE.COM.NG Staff
calendar-icon Cement prices may rise over Dangote plant shutdown in Kogi – Expert Posted on: 2022-10-06 11:42:38
Cement prices may rise over Dangote plant shutdown in Kogi – Expert 1X-1UNKNOWN

Reactions have continued to trail the shutdown of Dangote Cement plants in Obajana, Kogi State, over a faceoff between the company and the state government on Wednesday.

The General Manager, Corporate Communications at the Dangote Group, Sunday Esan, confirmed the incident, describing it as an invasion.

But, the Commissioner for Information in the state, Kingsley Fanwo, said the shutdown was due to the company’s inability to tender evidence of land acquisition validity.

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In the midst of this faceoff, an economic analyst has called for a quick resolution while stating the economic implication.

Reacting to the development in an exclusive chat with Press, an economic expert and Ex-President, Chartered Institute of Bankers of Nigeria, Prof Segun Ajibola, said cement prices might rise nationwide following the shutdown of Dangote Cement plants in Kogi State.

He said, “If supply dip, while demand remains constant, the natural occurrence is for prices to go up.”

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He explained that “cement affects virtually everything man does, construction of roads, building, bridges, houses, the shut down has far-reaching economic implications.

“Dangote Cement is part of the Dangote Conglomerate that has been operating for decades in Kogi State. The Dangote I know will not allow this crisis to linger because of its seriousness.”

He urged both parties to quickly resolve the matter for the betterment of Nigeria’s economy.

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Meanwhile, the disruption received knocks from members of the host community in Kogi State.

The spokesman for the Oyo mining host community, David Oluruntoba, disclosed that the action by the Kogi State Government would only spoil the existing good relationship between the company and its host community.

He said, "They called us to join them. But I told them that the company has not offended us. We just signed a Community Development Agreement (CDA) and the company has been helping us and providing us with jobs. What has the government done for us, nothing. There is no basis to support the government.”

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Press learnt that cement retails at N3,600 to N4,200 per bag, depending on the brand and location.

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