Rabiu said this in an interview with State House correspondents shortly after he met behind closed doors with the Acting President , Yemi Osinbajo, at the Presidential Villa, Abuja .
He said the factors that contributed to the high cost of the commodity were being addressed, hence the possible crash in price .
He listed the country ’ s foreign exchange as well as the high cost of Low Pour Fuel Oil as some of the factors responsible for high cost of cement .
He expressed delight that the forex situation has improved while the cost of LPFO has also reduced .
Rabiu said , “ Cement production requires quite a lot of energy . That is quite a significant part of the cost of cement production. That has been addressed to mainly the price of oil , may be the price of LPFO that we use has come down . I ’ m talking about Sokoto now .
“ Of course, the other cement plants scattered all over the country like may be the southern part of the country are using gas which is actually much cheaper . But for Sokoto , for example , we are using LPFO and LPFO is quite expensive.
“ We have to transport it either from Lagos or from Kaduna refinery if there is availability. That , you know , from time to time, impacts on the cost . ”
“ But I can assure you that the three major companies producing cement in Nigeria are working very hard to see that the price of cement comes down in the very near future .
“ We are trying very hard to make sure the price comes down. Of course, the foreign exchange aspect also improved dramatically. That , as we all know , was a big issue . Now , that has improved considerably .
“ So , I think we will see quite a reduction in the very near future. ”