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Dangote Cement raises prices

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World Cement,

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

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