Dangote and Others to Crash Cement prices in Nigeria

Irked by the soaring prices of cement in Nigeria, President Goodluck Jonathan, Monday, summoned the Chairman of Dangote Group, and other cement manufacturers with a directive to crash the prices of the

product within 30 days period or face the wrath of the government.

Presidential spokesman, Mr Ima Niboro, who announced Jonathan’s decision after a meeting in the President’s office, said the manufacturers had agreed to do all that was necessary to meet the one month time frame.

According to him, his boss, Jonathan was saddened by the complaints of Nigerians over the sharp rise in the cost of the product and decided to call a meeting of the top five manufacturers to find a way out.

At a post-meeting briefing the President of the Cement Manufacturers Association of Nigeria, CMAN, Chief Joseph Makoju; Chairman of Dangote Group, Alhaji Dangote; Chairman of BUA Group, Alhaji Abdulsamad Rabiu and Country Manager of Lafarge Cement, Jean-Christophe Barbant assured Nigerians that the prices would come down before the deadline.

Makoju told State House correspondents that both the President and the manufacturers had agreed to address the causes of the product scarcity and high cost as it concerned government obligations as well as what was required on the part of the manufacturers.

“In addressing the causes, some of the issues are on our side as the manufacturers, some of the issues are on government side and I am very confident that over the next weeks, you will see the impact on the issue of supply and prices of cement,” Makoju said.

African richest man, Dangote, said that the major problems the industry was facing were in the areas of 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 North which caused a short down of production for weeks was partly responsible for the hike in price.