Manufacturers give conditions to reduce rising cement price

Cement Manufacturers have agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location nationwide.

However, the manufacturers stated that the price drop from the current market price would depend on the fulfillment of certain government interventions to ameliorate critical challenges faced in the industry.

The Minister of Works, David Umahi disclosed this after a meeting with leading manufacturers on Monday in Abuja.

The meeting was against the backdrop of the skyrocketing price of the commodity to approximately N13,000 in several retail stores in the Federal Capital Territory, and Enugu, indicating the impact of inflation within the country.

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At the meeting directed by President Bola Tinubu, Umahi lamented the current rate stating that it was abnormal and detrimental to economic prosperity sought after by the current administration.

The minister, reading the communique, said certain issues including smuggling, bad roads, high energy costs, and the Forex crisis caused the high prices but stressed that manufacturers have expressed their readiness to be willing to bring down the prices in the future.

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.

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“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.

“Going forward, the government advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”