Cement News tagged under: Nigeria
Dangote27 September 2016, Published under Cement NewsDespite a 15 per cent increase in sales in Nigeria in July and August this year, Dangote Cement has been forced to increase its cement prices in the country due to escalating costs. Disruptions to the domestic gas supply have resulted in the producer increasingly turning to LPFO and coal to power its plants, despite these fuels being up to three times more expensive than gas. The naira has also experienced a significant devaluation against the US dollar, further increasing costs. “The pr... |
Nigeria: Lafarge Africa refinances with five-year bonds23 September 2016, Published under Cement NewsLafarge Africa (LafargeHolcim Group) has raised NGN60bn (US$184m) by issuing three and five-year bonds through book building. The cement producer issued a three-year bond at 14.25 per cent to raise NGN26.38bn and sold a five-year bond at 14.75 per cent to raise NGN33.62bn, it said in a statement. Previously, in April, Lafarge Africa reported that it would refinance some dollar-denominated debt at subsidiary United Company of Nigeria (UNICEM), which it bought a year ago. The refinancing wou... |
Nigeria: producers encouraged to use tyres as raw material15 September 2016, Published under Cement NewsThe Standards Organisation of Nigeria (SON) has approached local cement producers, encouraging them to use tyres as a raw material for firing kilns. Acting Director General of SON, Dr Paul Angya, said, “We are looking for environmentally-friendly ways of disposing seized tyres. That is why we are talking to cement companies and another company in Kwara state that said they can use tyres as raw materials to produce some other products.” SON was previously paying waste management organis... |
Nigeria: Sokoto Cement will have 60MW power by mid-201714 September 2016, Published under Cement NewsSokoto Cement (Cement Company of Northern Nigeria Plc) will build two additional power plants by mid-2017 that will enable the company to generate at total of 60MW of electricity, reports All Africa. The company currently generates 16MW electricity from its biomass plant for its use and for neighbouring communities. Sokoto Cement promised to reduce its current NGN1.3bn (US$4.1m) debt by increasing the price of its products, increase marketing strategies as well as reducing all administrati... |
Nigeria: Bricklayers threaten protest over cement prices12 September 2016, Published under Cement NewsThe Lagos State Bricklayers Association have called on the Nigerian government to take action to lower cement prices, the Nation reports. According to the newspaper, if the authorities do not succeed in bringing down the cost of cement by 20 September, bricklayers will hold a rally in Nigeria’s largest city to air their grievances. President of association, Deacon Abel Olukayode, stated: “We have been lamenting over rising incidents of building collapse in the country. Are we not going... |
Ethiopia: Dangote plant attracted with cheap power deal08 September 2016, Published under Cement NewsDangote’s decision to establish a 2.5Mta cement plant in Ethiopia was motivated by a government guarantee of cheap electricity, Muhammadu Sanusi, the Emir of Kano, has claimed at a meeting of Nigeria’s National Council on Development Planning. In a speech reported in the Premium Times, the former Central Bank of Nigeria governor said that Dangote was promised a price of US$0.03/kWh if it would agree to build a plant in Ethiopia. This price is half the US$0.06 paid by consumers in the coun... |
Nigeria: cement price rise will impact house building05 September 2016, Published under Cement NewsCement dealers in Umuahia have spoken out against the rise in the retail price of cement, which have been raised by almost 50 per cent recently. The hike was caused by the high foreign exchange rate with NGN420 (US$1.33) exchanging for one dollar. It is argued by the deladers that the government should give concession to cement manufacturers, reports the News Agency of Nigeria (NAN). The dealers claim that such a concession would help them to import materials for cement production. The... |
Dangote announces price rise, starts coal mining in November01 September 2016, Published under Cement NewsDangote Cement's sales growth remains robust with Nigerian vollumes up 15 per cent in July and August. However, in the current quarter, the company has seen disruption to the gas supply, its preferred fuel in Nigeria. This has led to a substantial hike in its fuel costs as the company increasingly relies on LPFO and, to a lesser extent, on coal as prices for these alternatives are up to three times higher. The significant devaluation of the naira against the US dollar has also contributed to... |
Nigeria: cement prices in Lagos rise by over a third31 August 2016, Published under Cement NewsThe price of bagged cement in Lagos has risen sharply overnight, according to reports in The Nation. A 50kg bag now retails for between NGN2200 and NGN2300 (US$7-7.30), a rise of around 40 per cent on previous prices. Kunle Awobodu, vice-president of the Nigeria Institute of Building (NIOB), said: “Clients, contractors and quantity surveyors may have disagreements due to price variations. New price on old contracts in a competitive bidding may eventually lead to sub-standardisation in con... |
Nigeria: removal of cement tax incentive12 August 2016, Published under Cement NewsThe removal of pioneer status tax incentive for the cement industry has caused concerns for operators in the real sector, who feel the development will send the wrong signal to investors. The issue was raised by the President of Manufacturers Association of Nigeria, Dr Frank Jacobs, with the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, at a recent stakeholders’ meeting. Dr Jacobs said, “The news of government withdrawing the pioneer status tax incentive enjoyed by th... |