Economy & Market
President orders reduction in cement price
President Goodluck Jonathan of Nigeria has directed cement manufacturers to do everything possible to crash the prices of cement within the next 30 days. This has been necessitated due to recent skyrocketing of the prices, which was unacceptable. At a meeting the manufacturers agreed with the president's request, stating that the 30 days was enough time for them to set in place policies that would lead to price reduction. President of the Cement Manufacturers Association of Nigeria chief Joseph Makoju, chairman of Dangote Group, Alhaji Aliko Dangote, chairman of BUA Group, Alhaji Abdulsamad Rabiu, and country manager of Lafarge Cement, Jean-Christophe Barbant, all agreed the 30-day period was sufficient for them to crash the price of cement, assuring that the prices would come down even before the deadline. According to Makoju, both the president and the manufacturers have agreed to address the causes of the scarcity of the product and high cost will be addressed, noting that government has agreed to meet its obligations while the cement manufacturers will act within the period to ensure that factors leading to the hike in prices were addressed Dangote blamed the problem on the insufficient supply of low pour fuel oil (LPFO) consumed by the industry and the loss of 6,000 trucks by his group recently, adding that the recent post-election crisis in the northern part of the country, which caused a shutdown of production for weeks, was partly responsible for the hike in price of cement.