Cement manufacturers in Nigeria have agreed to lower the price of the product from N10,000 to a range between N7,000 and N8,000 per 50kg, following discussions with the Federal Government.
The decision was reached during a meeting convened by the Minister of Works, Engr David Umahi, who had invited representatives of cement manufacturers to address the soaring prices that had reached as high as N15,000 in certain areas.
Umahi, along with Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, engaged in discussions with the manufacturers to understand the factors contributing to the price hike.
According to Umahi, during the meeting, the manufacturers cited challenges such as poor road infrastructure, high energy costs, and foreign exchange crises as factors influencing the increased prices.
He said: “The cement manufacturer has noted to the government that the present high cost of cement in the market is very much abnormal in some locations nationwide. Ideally, they noted that cement price, and retail price to a consumer should not cost more than between N7,000 to N8,000 per 50 kg bag of cement.
“Therefore, the government and the cement manufacturers, which are Dangote Plc, BUA Plc, and Lafarge Plc have agreed to have their cement price nationwide between N7,000 to N8,000 naira per 50 kg pack of cement, depending on the locations, which means that this price depends on the locations,” stated Umahi after the meeting.
