Lower cement prices ‘temporary’ – CNEN, Nigeria

Lower cement prices ‘temporary’ – CNEN, Nigeria
Published: 19 June 2011

The Cement New Entrant of Nigeria, CNEN, has expressed disappointment at the disregard of the directive of President Goodluck Jonathan to cement manufacturers to bring down the price of cement from  N2700 to N1000/bag, saying that the current price of N2200 at the expiration of the 30-day presidential order was meaningless.

Chairman of the group, Mr. David Iweta, said in a statement, that instead of obeying the directive, “Cement manufacturers are flooding the market with imported cement instead of locally manufactured cement and secretly importing finished clinker for grinding in their local plants.”

He said, “Cement manufacturers are claiming that cement price has dropped by 25 per cent from N2700 to N2200 per bag, which is very temporal and cannot be sustained. Without deliberate decision of Mr. President to release pending licences and revert to five per cent duty, the price of cement will remain  high.”