Cement manufacturers agree to slash prices, list conditions

Cement manufacturers have agreed to bring down the price of the product from N10,000 to between N7,000 and N8,000 per 50kg provided some conditions are met by the Federal Government.

The decision was reached at a meeting convened by the Minister of Works, Engr David Umahi.

Umahi had invited cement manufacturers to a meeting in Abuja after the price hit the roof, going as high as N15,000 in some places.

Speaking after the meeting also attended by Doris Uzoka-Anite, his Industry, Trade and Investment counterpart, Umahi said manufacturers listed bad roads, high energy costs, Forex crisis as some of the factors responsible for the hike.

“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.”