By Abdulmumin Giwa
The Executive Director, Commercial Operations of Dangote Group of Companies, Fatima Aliko Dangote has explained that it is not their fault that prices of commodities are on the hight side.
Fatima, who blamed total dependence on import and the devaluation of the Naira, also explained that some of the commodities only carry their brand names but have since been sold off to Olams Company five years ago. These include, spaghetti, macaroni and flour, she explained.
She spoke to newsmen recently on a clip that has gone viral on social media explaining why commodities are on the high side in Nigeria, insisting that it is not their fault.
“In Nigeria, almost everything is imported. That is why if the Dollar goes up, everything also goes up. It is only logical that no business can thrive without profit, no matter how small. Hence, the increase in the prices of commodities.
“The prices of goods are on the high side because of the high rate of Dollar to Naira. But we are also not happy with the situation at all, the way prices of commodities are going high, but we have no control over it.
“We hope, God willing, things will be better. It is not our fault.
“Yes we make sugar, but every thing we process as a result is imported using Dollar not Naira. The raw sugar we process is purchased in Dollar from Brazil, even our crude salt is brought from Brazil. Everything is imported. This is the problem.
“It is only our cement that is sourced locally. But even the cement we spend Dollar in processing it through maintainance of machinery, our trucks, spare parts, machines and others are all paid for in Dollar” she explained
She also drew attention to the fact that even as people see some products like flour, spaghetti and macaroni, they only carry their brand names but have since been acquired by Olams.
It is only sugar, salt and seasonings with Dangote brand that are actually produced by the company.