Lafarge Addresses Concerns Over Cement Price Reduction

Lafarge Addresses Concerns Over Cement Price Reduction

Officials of Lafarge Holcim Africa have cast doubt on the possibility of the price of cement reverting to its former rate, despite directives from President Bola Tinubu in February to cut down the price of a bag of cement from N15,000 to N7,000…….READ ALSO Lafarge Africa’s Profitability Takes A Hit Amid Economic Turbulence

During a media interaction in Calabar on Wednesday, the Head of Corporate Communications, Lafarge Africa, Ginika Frank-Durugbor, cited the high foreign exchange rate as a major factor contributing to the current high cost of cement.

Frank-Durugbor expressed uncertainty about Lafarge’s ability to lower the price of cement to the former rate mandated by President Tinubu, given the prevailing hyperinflation in the country.

She stated, “The high costs of the ancillary inputs into the production of cement, seriously impacted by the high cost of foreign exchange, are what has affected the price of cement. Our products will go to customers at the right price.”

Frank-Durugbor highlighted the company’s efforts towards local sourcing of quarry in Akamkpa and Akpabuyo LGAs of the state, as well as local production of contents like cement bags, which have helped to maintain an ‘affordable price’.

Another official of the firm, Tina Shobola, addressed concerns about a potential hike in the price of cement leading to building collapses due to corners being cut in construction practices. She assured that Lafarge now provides free technical assistance to its construction customers to ensure durable and quality projects.