cement prices set to increase as economic recession worsens -
The recession facing the country continues to worsen. On this note, cement manufacturers have sounded a warning stating that the price of cement is set to rise due to the inability to access foreign exchange, and the further devaluation of the the country's currency (naira).

The chairman of the Cement Company of Northern Nigeria (CCNN) Alhaji Abdulsamad Rabiu, while addressing shareholders at the 37th Annual General Meeting (AGM) in Abuja on Thursday, September 8, said: “Times are tough and difficult, and the availability of Forex is a big problem. If the naira devalues further, the cost of anything that is imported will go up. Hanging in there to remain in business.”


According to reports, He (Rabiu) said that the price of cement should cost more than its current price of N2,000 per bag, tagging the increase to what he called “the cost of energy doubling.” He said the cost of procuring LPFO, diesel, fuel and other consumables have gone up because of the difficulty in accessing Forex. Nigerians should adopt to defeat recession He said: “The situation is dire, but going forward, we pray it gets better. Forex now is for oil production. The price of oil that has come down is also affecting Forex and without Forex it is not easy to do business. “CCNN will continue to do its best, shareholders should be patient as the company is making efforts to access coal which is cheaper. The price of cement has not gone up as it should have been. It could have been worse at N2,000/bag. The price of cement in Nigeria compared to surrounding countries is reasonable.”

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hmmm. Na die b dis