Cement manufacturers in Nigeria have reached an agreement to reduce the price of the commodity to a range of N7,000 to N8,000 per bag, following a three-hour meeting with a federal government team.
The meeting was led by the Minister of Works, Engr. David Umahi, and the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, at the Ministry of Works headquarters in Abuja.
During the meeting, the manufacturers cited several factors contributing to the high prices, including the cost of gas, high import duties on spare parts, poor road networks, a high foreign exchange rate, and smuggling of cement across borders.
The federal government acknowledged these challenges and expects the agreed-upon prices to decrease further after addressing the identified issues related to gas, import duties, smuggling, and improving road networks.
The communique, read by the Minister of Works after the meeting, stated, “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 ₦7,000.00 to ₦8,000.00 per 50kg bag of cement.”
This intervention by the federal government aims to alleviate the impact of high cement prices on construction activities and the overall economy. The reduction is expected to make cement more accessible to consumers, especially those engaged in infrastructure development and housing projects across the country.
