As a matter of fact, Cement seem to be one of the most needful material when it comes to building.
Report shows that if the Naira is further devalue, the price of cement will likely increase. click to read more.
Cement manufacturers have warned that if the Naira is further devalued, the price of cement will be increased further because they need a substantial amount of forex to pay expatriates, buy diesel, fuel, spare parts and mining machinery.
This was disclosed by Alhaji Abdulsamad Rabiu, Chairman of the Cement Company of Northern Nigeria (CCNN), in Abuja, at the 37th Annual General Meeting (AGM) of the company as the board approved the payment of a gross dividend of 10k per share, compared to last year’s 35k per share.
“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,” Rabiu said.
“CCNN
will continue with production and make a little bit of money even if it is not
much, to keep running. Infact, a competitor has posted N30 billion loss for
this year.
“The
cost of energy is doubling and the current economic environment is dire. The
cost of procuring LPFO, diesel, fuel etc, have gone up because of the
difficulty in accessing forex.
For more go to: https://www.today.ng/business/180002/price-cement-increase-manufacturers
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