Cement Producers Agree to Lower Product Prices
Cement manufacturers in Nigeria have agreed to reduce the price of cement to between N7,000 and N8,000 per 50kg depending on the location nationwide.
The decision was made at a meeting between the Federal Government and the manufacturers, which was called by the Minister of Works Senator David Umahi in Abuja.
The manufacturers expressed their willingness to reduce the prices further in the future when the Federal Government fulfills its intervention.
According to a statement from the Ministry, the current high price of cement is abnormal in some locations nationwide, and the ideal retail price should not be more than ₦7,000.00 to ₦8,000.00 for a 50kg bag of cement.
Dangote Cement Plc, BUA Cement Plc and Larfarge Africa Plc have agreed to keep the cost of cement between ₦7,000.00 and ₦8,000.00 per 50kg bag, depending on the location.
The government advised cement manufacturers to establish a price monitoring mechanism to ensure compliance, and they have agreed to do so and to punish any distributors or retailers who violate the agreement.
The government expects the price to decrease after addressing the challenges of the manufacturers on gas, import duty, smuggling, and better road network.
The meeting agreed to reconvene in 30 days to review progress made.
The Minister of Industry, Trade, and Investment Doris Uzoka-Anite was also present at the meeting and stated that efforts are being made to address the underlying reasons for the abrupt increase in commodity prices
