Dangote Group Denies Responsibility For Escalating Food Prices In Nigeria

Dangote Group Denies Responsibility For Escalating Food Prices In Nigeria....KINDLY READ THE FULL STORY HERE▶

The Dangote Group of Companies has clarified that it is not accountable for the surge in food prices currently witnessed in the nation. Hajiya Fatima Aliko Dangote, the Executive Director of the Dangote Group, made this statement during an interview with the BBC’s Hausa Service…………CONTINUE READING

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She revealed that the food processing company had been sold to the Olam Group five years ago, emphasizing that Olam Group now handles food processing and agric-business operations in Nigeria. Hajiya Fatima expressed discomfort with the escalating prices, attributing the issue to factors beyond the group’s control. She expressed hope that the situation would soon stabilize.

In her words, “We’re not responsible for the price hike… we buy the raw sugar in dollars from Brazil; they don’t sell to us in naira. The same thing with the crude salt and every other thing, that’s the issue. It’s only cement that we get its raw materials in Nigeria. But its processing chain lies in dollars; the trucks that ferry the product, gas, tires, and spare parts are all in dollars.”

Despite this clarification, she admitted being unaware of cement being retailed at N15,000 in the markets and asserted that the actual price for a 50kg bag would be around N7,000 to N8,000, depending on the location.

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