The House Committee on Solid Minerals has praised Dangote Group for leading Nigeria’s industrialization efforts. During a visit to Dangote Cement Plc in Obajana, Kogi State, the committee commended the company’s investments, job creation, and tax contributions. The Group Managing Director, Arvind Pathak, attributed the high cost of cement to dollar-driven raw material prices and fluctuating foreign exchange rates.
Despite challenges, Dangote Cement has increased staff salaries and invested in alternative fuel initiatives. However, the price of cement has risen due to naira devaluation and high inflation, with a 121% increase in production costs. Smuggling has also hindered the sale of cheaper products, with neighboring countries having higher prices.
The committee emphasized the need for collaboration between investors and government leaders to boost Nigeria’s industrialization. Dangote Group is Nigeria’s largest employer after the government and has adapted to the country’s changing economic climate.
Key points:
- Dangote Group leads Nigeria’s industrialization efforts
- High cost of cement attributed to dollar-driven raw material prices and fluctuating foreign exchange rates
- Dangote Cement increases staff salaries and invests in alternative fuel initiatives
- Naira devaluation and high inflation cause 121% increase in production costs
- Smuggling hinders sale of cheaper products, with neighboring countries having higher prices
- Collaboration needed between investors and government leaders to boost Nigeria’s industrialization.
