DANGOTE, BUA, Others Give Condition To Reduce Cement Price; See How FG Reacted
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Cement manufacturers have outlined the conditions that the Nigerian government must fulfill before the retail price of a x 50kg bag of cement could decrea between N7, 000 and N8, 000.
The Minister of Works, David Umahi, revealed this after a meeting with leading manufacturers in Abuja on Monday. The meeting was convened by government representatives and top cement manufacturers to address viral speculations suggesting that the product was being sold for N15, 000 per bag in some parts of Abuja and Enugu.
According to the manufacturers, the reduction in price from the current market rate would hinge on government intervention to alleviate some of the challenges faced by operators in the industry.
A market survey conducted by SaharaReporters on Friday indicated that cement was being sold between N8, 500 to N9, 200 in many states across the country. In Ibadan, the price was approximately N9, 000, while in Sokoto, BUA cement was sold for around N8, 650 and Dangote for about N9, 200. Similarly, in Ilorin, BUA cement was priced at about N8, 700, and Dangote at approximately N9, 000.
Umahi expressed concern over the current price of cement, describing it as abnormal and detrimental to the economic development envisaged by the current administration. He attributed the high pricing to various challenges, including smuggling, poor road infrastructure, high energy costs, and the forex crisis. However, he noted that manufacturers had indicated their willingness to reduce prices in the future.
He stated, “The cement manufacturers have informed the government that the current high cost of cement in the market is abnormal in some locations nationwide. Ideally, they mentioned that the price of cement, and the retail price to consumers, should not exceed between N7, 000 to N8, 000 per 50 kg bag of cement.”
Umahi emphasized that the agreement reached between the government and cement manufacturers- Dangote Plc, BUA PIc, and Lafarge Plc was to ensure that cement prices nationwide range between N7, 000 to N8, 000 per 50 kg bag, depending on the location. He urged manufacturers to establish a price monitoring mechanism to ensure compliance with the agreed prices.
(Sahara Reporter)
