Cement manufacturers in Nigeria have agreed to reduce the price of cement from N10,000 to a range of N7,000 to N8,000 per 50kg bag, subject to certain conditions set by the Federal Government.
The decision was made following a meeting convened by the Minister of Works, Engr David Umahi, in Abuja. The meeting was called in response to the soaring prices of cement, which had reached as high as N15,000 in some areas.
Umahi, along with his Industry, Trade and Investment counterpart, Doris Uzoka-Anite, met with representatives of major cement manufacturers including Dangote Plc, BUA Plc, and Lafarge Plc. During the meeting, the manufacturers attributed the high cost of cement to factors such as poor road infrastructure, high energy costs, and the Forex crisis.
In a statement after the meeting, Umahi stated, “The cement manufacturers have informed the government that the current high cost of cement in the market is abnormal in some locations across the country. They believe that the price of cement, to the end consumer, should ideally range between N7,000 and N8,000 per 50kg bag.”
He further explained, “As a result, the government and the cement manufacturers have agreed to set the price of cement between N7,000 and N8,000 per 50kg bag nationwide, depending on the location. This pricing will vary depending on the location.”
Daily Trust