Dangote Group of Companies has said it is not responsible for the rising prices of food items being experienced in the country.
The Executive Director of the Dangote Group of Companies, Hajiya Fatima Aliko Dangote, stated this in an interview with the Hausa Service of the BBC.
She disclosed that the group had sold the food processing company five years ago to Olam Group, which processes food and agric-business in Nigeria.
Fatima asserted that they are not comfortable with the way prices are hitting the rooftop, which the group cannot control, while hoping that things will stabilise soon.
She said, “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.’’
She, however, claimed that the group was unaware that cement was retailed at N15,000 in the markets, adding that the price of 50kg would be around N7,000 to N8,000 depending on the location.
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