Lafarge speaks on recent price crash after meeting with FG

The officials of Lafarge Africa have stated that they highly doubt that cement prices will change to their original costs.

The company’s head of corporate communications, Ginika Frank-Durugbo, made this known during a media interaction in Calabar on Wednesday, March 20, 2024.

Recall that some day ago, cement producers in Nigeria, including Dangote Cement, BUA Cement and Lafarge, agreed to reduce cement prices from N15,000 a bag to N8,000 and N7,000.

Analysts however opine that the agreement collapsed as cement continues to sell above N10,000 in Nigeria, except in a few states where buyers reported buying the product at N8,000 per bag.

According to Lafarge's spokesman, Nigeria's massive foreign exchange rate in recent times has contributed to the high cost of cement.

She said: “The high costs of the ancillary inputs into the production of cement as 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.”

Another Lafarge official, Tina Shobola added that the company will give free technical assistance to it's customers in the construction business so they put up durable and quality projects despite the hike in the price of their product.

BEB