Cement manufacturers agree to crash price, lament energy costs

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Major producers of cement in the country have assured that they are actively working to reduce the cost of the product as soon as possible, The Sun reports.

The Chairman, BUA Cement, Abusamad Isyaku Rabiu, told State House correspondents after a meeting with Acting President, Yemi Osinbajo, in Abuja on Thursday, that the country’s foreign exchange situation and the high cost of Low Pour Fuel Oil (LPFO) were largely responsible for the escalating cost of cement in the country.

He said some of these factors, which led to the high cost of cement are being addressed by the Federal Government, adding that the foreign exchange situation has now improved dramatically while the cost of LPFO used by some cement companies, including one of his own plants in Sokoto, has also come down. Rabiu therefore assured that a reduction in the cost of cement would happen in the near future.