Cement Manufacturers To Slash Prices After FG’s Intervention

Cement manufacturers in Nigeria have agreed to bring down the price of the product following the Federal Government’s intervention

The federal government at the weekend met with the management of Dangote Cement, BUA Cement, and Lafarge over the escalating price of the product in recent times.

Checks revealed that the price of the product had increased to as high as N15,000 per bag from the initial N5,500 and this development had caused anxiety amongst developers and builders in the country.

The Minister of Works, Dave Umahi, who summoned the meeting, said the government would look into the challenges faced by these cement manufacturers as well as the disparity between ex-factory and market prices.

At Monday’s meeting in Abuja, the manufacturer agreed to reduce the price to between N7,000 and N8,000 depending on the location.

They also declared their readiness to further reduce the prices in the future if the federal government fulfills its promises on the matter.

Umahi and the Minister of Trade, and Investment, Doris Uzoka-Anite, attended the meeting.

In a chat with journalists at the end of the meeting in Abuja, Uzoka-Anite said efforts are being made to tackle the underlying reasons for the abrupt increase in commodity prices.