The president of the Dangote Group, Aliko Dangote, has explained that his company’s cement is more expensive in Nigeria than it is in other countries due to hefty taxes and stringent regulations.
According to Dangote, the levies and charges placed on local production were the main cause of the pricing discrepancy.
The rich businessman claimed that by exporting the goods, his company is able to dodge a number of levies that drastically increase domestic production expenses, according to Vanguard.
He said: “When you look at my invoice, the cement I export is cheaper than the one I’m selling domestically, because that’s how exports work. In export I’m saving a lot of money, I’m not paying 30% income tax, I’m not paying 2%, education, I’m not paying 1% health, I’m not paying 7.5% VAT, and I’m not paying 10% withholding tax.
“So when you reduce all these taxes, I can afford to go and compete with the international market, with the likes of Turkey, Russia, and China.”
Live with Purpose, Love with Passion. Remember to be happy
One ❤️❤️❤️
Rose Ajieh
