Bloomberg has reported that Dangote Cement has raised the price of cement in Nigeria after a devaluation in the naira and disruptions to its natural-gas supply resulted in substantially higher operating costs.
The company raised the price of cement by 600 naira (US$1.90) per bag in its home country, erasing a price cut in September last year.
Nigerian companies are fighting a downturn in the Nigerian economy, which slumped 2.1% year-on-year in the second quarter.
The naira has lost more than one third of its value since 20 June.
Dangote shares rose 0.2% to 175.89 naira by the close in Lagos, valuing the company at 3 trillion naira (US$8.9 billion).
Edited from source by Joseph Green. Source: Bloomberg