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Home Opinions Blurb

Cement cabal wants to “reduce” cement prices “soon”

Onome Ohwovoriole by Onome Ohwovoriole
July 7, 2017
in Blurb
BUA Group and This Chinese Company Will Build A $1.9b Steel Plant In Nigeria

Abdulsamad Rabiu, Chairman, BUA Group

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During a visit to the Presidential villa to invite Acting President Yemi Osinbajo to commission one of his cement factories, Alhaji Abdulsamad Rabiu said the three major cement producers were very keen on reducing cement prices significantly. While he did not mention the firms specifically, the three major cement producers in the country are Dangote Cement, Lafarge Africa and BUA Cement.

Alhaji Rabiu said the price reduction was being considered because forex rates had fallen significantly and availability had also improved. The cost of Low Pour Fuel Oil (LPFO) used to power some cement plants had also gone down. He also stated that the price reduction was around the corner. “ I can assure you that the three major companies producing cement in Nigeria are working very hard to see that the price of cement comes down in the very near future.”

While the reasons given are cogent, the fall in cement prices may not be a permanent one. Nigeria is heavily dependent on crude oil for foreign exchange and crude oil prices are volatile. Cement prices tend to fall in the rainy season due to a lull in construction work, and then rise during the dry season as construction resumes.

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Dangote cement has also emerged as a price setter in the industry, and the company could decide to adjust its prices upwards or downwards at any point in time due to its large production volumes and network of plants spread across the country.

Tags: BUA CementCCNNlafarge africaQuickTakes
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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