The Dangote Group of Companies has distanced itself from the escalating food prices in the country. This was made clear by the Executive Director, Hajiya Fatima Aliko Dangote, during a recent interview with the BBC Hausa Service.
She revealed that the group had divested from the food processing sector five years ago, selling the company to Olam Group, a major player in food and agri-business in Nigeria.
Expressing concern over the skyrocketing prices, Fatima emphasized that the group has no control over these increases but remains hopeful for stabilization in the near future.
“We are not the cause of the price surge,” she explained. “Our purchases of raw sugar are made in dollars from Brazil, not in naira. The same applies to crude salt and other items.”
She further clarified that the only product for which they source raw materials locally is cement. However, the entire processing chain is dollar-based, including the trucks that transport the product, gas, tires, and spare parts.
Fatima also addressed the retail price of cement, stating that the group was unaware of the N15,000 market price. She added that the price of a 50kg bag should range between N7,000 and N8,000, depending on the location.
