Nigeria: Alhaji Abdulsamad Rabiu, the chairman of the Cement Company of Northern Nigeria (CCNN), has warned that the price of cement may rise if the Naira continues to devalue. He made the comments at the company’s Annual General Meeting according to the Nation newspaper. Imported inputs such as fuel, machinery, spare parts and gypsum would all be affected by local currency depreciation. The cement producer was forced to shut down its Sokoto cement plant for intermittent periods in late 2015 due to poor supplies of low pour fuel oil (LFPO) from the Kaduna refinery.
The subsidiary of BUA Group reported that its turnover fell by 14% year-on-year to US$41.4m in 2015 from US$48m in 2014. Its profit after tax fell by 37% to US$3.81m from US$6.09m.
