The manufacturers of cement in Nigeria have agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location nationwide.
At a meeting called by the Minister of Works Senator David Umahi on Monday, the Federal Government and the manufacturers reached an agreement to bring the price down. The manufacturers present also expressed their readiness to bring down the prices in the future as soon as the Federal Government intervention is fulfilled.
The ministry of works stated thus:
“The cement manufacturers and the Government noted that the current high price of cement is abnormal in some locations nationwide. Ideally, cement retail prices should not cost more than N7,000 to N8,000.00/ 50kg bag of cement”
“Therefore, the three cement manufacturers: Dangote Cement Plc, BUA Cement Plc and Larfarge Africa Plc have agreed that cement cost will not be more than between N7,000.00 and N8,000.00/50kg bag depending on the location.”
“Going forward, the government advised cement manufacturers to set up a price monitoring mechanism to ensure compliance, and manufacturers have willingly accepted to do so and to sanction any of her distributors or retailers found wanting.
“The government expects the agreed price to drop after securing government’s interventions on 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”