Society Gists

The present price for a 50kg bag of cement in Nigeria is anywhere between N2,300.00 and N2,500.00. At this rate, Nigerians pay at least more than double the cost of the same size bag of cement in most nations around the world.

For instance, in neighboring countries such as Ghana and Benin republic, a bag of 50kg of cement sells for 4500CFA (N1,500) and  GH¢15.295 (N1,150) respectively. That equals $6 and $9/bag.

But the disparity in price is even much worse when other countries are compared globally. In the United States, this quantity of cement sells between $5 and $6.00

In India, the 50kg bag cost hiked from RS215 to RS315, which is between $3.40-5.00. It only recently increased in cost. In South African Rands, the bag sells for an equivalent of $6.50.

In Kenya, the 50kg bag of cement sells for 450 Kenyan shillings, that’s about $5.00

All around the world, the median price of this raw material is about $5 worldwide. But in Nigeria, citizens are forced to pay double just because of the greed of a man named Aliko Dangote.

With the rate of constructions developing Nigeria is churning out, one sees that only a single man benefits from this exorbitant price. Aliko became a billionaire and Africa’s richest man courtesy of his monopoly policies in Nigeria.

Dangote manufactures Dangote cement. With his friends in the government, Dangote, Nigeria’s president sponsor, who literally finances and imposes most recent leaders on the nation, benefits from various sole production and importation rights. As observed by some industry watchers, the demand and supply of cement has not added up. Without competition in the market, there is frank exploitation bordering on robbery and stealing from the poor.

The monopoly Dangote is given on cement pummeled him into stupendous wealth as he sells essential cement at triple the global price to Nigerians, thereby extorting the nation that made him in the perhaps the gravest act of wickedness in history. Dangote company declares double quarterly profits from the milking of Nigerians on every bag of cement

Nigerians who are building their own homes at the moment are experiencing a painful stop-start affair because of the sky-high costs involved.

And in case you do not know, the Kano-born Dangote was a commodity trader, but he obtained his massive wealth during the regime of President Olusegun Obasanjo who encouraged the sell-off of state-owned corporations, presidential aircraft and government properties to Dangote and other questionable businessmen. Essentially, Dangote’s wealth is the equivalent of 7% of Nigeria’s gross domestic product (GDP).

Manipulating his unfettered access to those in the seat of political power in Nigeria, Mr. Dangote seized virtually full possession of the cement market and swept up some of the highest import quotas of all local companies. He also received lavish import and export waivers from the Obasanjo, Yar’adua and now Jonathan regimes.

Mr. Dangote’s style has been to ignore allegations of cement price-fixing, over-inflated IPOs and resale of Broadband licences.