Cement manufacturers have agreed to ensure that prices of 50kg bags of cement does not exceed N8000 across the nation.
It said that prices could be N7,000 in some parts of the country owing to closeness to the supply of the product
This was part of the agreement between the federal government and the cement manufacturers as well as its association.
Minister of Works,David Umahi, led the meeting which had the minister of industry, trade and investment, Doris Uzoka-Anite present, saying they would intervene on issues of gas and bad roads among other issues affecting the rising price of the critical material in the construction sector.
After the meeting between the Ministers and the Cement Manufacturers including Dangote cement pls, BUA cement PLC and Larfarge Cement PLc and other stakeholders, the Minister of Works, David Umahi, read out the communique.
The minister said certain issues including smuggling, bad roads, high energy costs, and the forex crisis caused the high price but stressed that manufacturers had expressed their readiness to bring down the prices in the future.
According to Umahi: “The cement manufacturers have 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. Going forward, the government has advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”
Credit: Nigerian Tribune