Bloomberg Billionaire index shows that Aliko Dangote has lost $2.4 million (N473 million) in the last 24 hours. The development is not unconnected to calls by Zimbabwean cement majors for increased tariff on imported cement.
Reports say Dangote Cement is seen as affecting sales and jobs of major cement manufacturers in Zimbabwe.
The Zimbabwe’s cement industry has called on the government to impose tariffs on imports from international manufacturers including Dangote Cement.
On Wednesday, the Cement and Concrete Institute of Zimbabwe asked the government to impose a tariff of $50 (N49,250) on every metric tonne of cement made at a lower cost in other countries and then sold in Zimbabwe.
The institute added that the local industry in the country had enough to meet the country’s demand, adding that Zimbabwe’s demand is expected to grow by as much as three percent to 1.17 million tonnes in 2016, compared with installed capacity of 1.85 million tonnes.
The institute further argued that cement manufacturers in countries such as South Africa, Mozambique and Zambia are taking advantage of lower manufacturing costs.