Chairman and Chief Executive of BUA Cement, Alhaji Abdulsamad Isiaku Rabiu Thursday in Abuja assured Nigerians that the price of cement will soon come down.
Alhaji Rabiu who disclosed this to State House Correspondents after having a closed-door meeting with the Acting President, Prof. Yemi Osinbajo at the Presidential Villa said that the Cement plant in Sokoto state will be commissioned soon, adding that the improvement in foreign exchange had contributed in the decision to bring down the price.
According to him, “We are trying very hard to make sure the price of cement comes down. Of course, the foreign exchange aspect also improved dramatically. That, as we all know, was a big issue. Now, that has improved considerably. So, I think we will see quite a reduction in the very near future.”
On the purpose of his visit, he said “Well, I don’t think am here to discuss policies. Rather, the reason why I came here is to come and pay respect to His Excellency, the Acting President and to also solicit his support in commissioning one of the projects that we are doing. That’s why I came here.
“It is a project that we have actually almost completed. It is in Sokoto. It is Sokoto Cement and we are hoping to commission the plant very soon. We discussed that and he is looking into it and he’s promised to get back.”
Explaining more on the price reduction of cement, he said, “The cement production requires quite a lot of energy. That is quite a significant part of the cost of cement production. That has been addressed to mainly the price of oil, may be the price of LPFO that we use has come down. I’m talking about Sokoto now.
“Of course, the other cement plants scattered all over the country like may be the southern part of the country are using gas which is actually much cheaper. But for Sokoto, for example, we are using LPFO and LPFO is quite expensive.
“We have to transport it either from Lagos or from Kaduna refinery if there is availability. That, you know, from time to time, impacts on the cost.
“But 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.”