In a new turn of event, Cement producers have agreed to lower the price of their product from N10,000 to a range of N7,000 to N8,000 per 50kg, contingent upon certain conditions set by the Federal Government.
This resolution emerged from a meeting convened by the Minister of Works, Engr David Umahi, in Abuja, in response to the soaring prices of cement, reaching as high as N15,000 in some areas. Umahi, along with his counterpart Doris Uzoka-Anite from the Ministry of Industry, Trade, and Investment, engaged cement manufacturers to address the price surge.
Following discussions, Umahi attributed the price hike to various factors such as poor road infrastructure, high energy expenses, and a foreign exchange crisis.
Umahi stated that manufacturers expressed their belief that the current exorbitant price of cement in the market is abnormal in certain regions across the country. Ideally, they suggested that the price of cement should range between N7,000 and N8,000 per 50kg bag.
Consequently, the government and major cement producers—Dangote Plc, BUA Plc, and Lafarge Plc—have reached an agreement to adjust their prices nationwide within this specified range, accounting for location-specific factors.
