BREAKING: Dangote, BUA Receives UNEXPECTED Invitation As Tinubu Government Sets To Make This Move Over Cement Price Hike
The Nigerian government has taken a drastic step to address the soaring prices of cement in the country, by summoning the top manufacturers of the product to a meeting with the Minister of Works, David Umahi,
The minister expressed his concern over the wide gap between the ex-factory and market prices of cement, and the impact it has on the construction sector and the economy.
This was disclosed in a statement by the
Special Adviser to the Minister, Edward Uchenna Orji, on Saturday.
According to the statement, the minister was worried by the escalating cost of cement despite considerable patronage by road and housing contractors to cement manufacturers.” Watch Related Video Here;
He said that the government was aware of the challenges faced by the manufacturers, such as the high cost of energy, transportation, and raw materials, but that it was also committed to ensuring that the consumers get a fair deal.
The statement said that the minister had invited all the cement manufacturers in the country, including Dangote Pic, BUA Plc, Lafarge, and others, to a meeting at the Federal Ministry of Works, Mabushi, Abuja, to discuss the situation and find a common solution.
The minister was quoted as saying that” It is common knowledge that the manufacturers have their challenges, which we shall look into, but from our findings, the disparity between ex- factory price and the market price is wide.
“We therefore need to look into the
situation and other issues with a view to finding a common front.” The meeting comes amid reports of a sharp increase in the retail prices of cement across the country, which has affected the affordability and availability of the product for many Nigerians.
Sahara Reporters had reported on Friday that the costs of cement jumped as much as 30% as fresh increases in prices and associated products were Implemented recently by distributors across the country.
Nigeria is one of the largest producers of cement on the continent, but the price of cement continues to rise, especially this year over the high inflation that impacted the building materials market.
“Dangote is N9600 while BUA goes for
N9500 per bag”, a seller at Kubwa Phase
4 had told Sahara Reporters on Friday. The retailer complained that some manufacturers had increased their depot prices to a new high following the general hike in prices of things. The meeting between the government and the manufacturers is expected to address these issues and find a way to stabilize the cement market and protect the interests of both the producers and
News Source;
Sahara Reporters
