GOOD NEWS! Cement Manufacturers Make BIG ANNOUNCEMENT After Nigerians Lamented Excruciating Hardship, Inflation; SEE New Price Of Cement
The price of cement in Nigeria will not go beyond N8, 000 per 50kg bag, according to an agreement reached by the major cement manufacturers in the country. The decision was made after a meeting with the federal government officials, who expressed concern over the high and varying cost of cement in different parts of the nation. The meeting, which was held on Monday, was attended by the Minister of Works, Sen. David Umahi, the Minister of Industry, Trade and Investment, Dr Doris Uzoka- Anite, and representatives of BUA Cement, Dangote Cement, Lafarge Africa, and the Cement Producers Association.
The government stated that the current price of cement, which ranges from N10, 000 to N15, 000 in some locations, is abnormal and unsustainable. They urged the manufacturers to ensure that the retail price of cement does not exceed N7, 000 to N8, 000 per 50kg bag, depending on the location and transportation cost.
The manufacturers agreed to comply with the government’s directive and to set up a price monitoring mechanism to enforce it. They also pledged to penalize any of their distributors or retailers who violate the agreed price range.
The Special Assistant to the Minister of Works on Media, Orji Uchenna Orji, confirmed the outcome of the meeting in a statement. He said the manufacturers have shown goodwill and cooperation in addressing the issue of cement price in the country. He also said the meeting discussed the challenges faced by the manufacturers, such as the high cost of gas, the high import duty on spare parts, the poor road network, the high foreign exchange rate, and the smuggling of cement to neighbouring countries.
He said the government acknowledged the challenges and promised to seek some interventions from the President on the cost of gas and import duty. He also said the Ministry of Works will prioritize the repair of the roads around the manufacturing plants, while the Ministry of Industry, Trade and Investment will intensify its engagement with the National Security Adviser on how to curb the smuggling of cement. He added that the government expects the price of cement to drop further after securing these interventions and resolving the challenges of the manufacturers. He said the meeting will reconvene in 30 days to review the progress made and the impact of the agreement on the cement market.
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The agreement on the cement price is expected to bring relief to the consumers, especially those in the construction sector, who have been complaining about the high and unstable cost of cement in the country. Cement is one of the essential commodities for building and infrastructure development, and its affordability is crucial for the economic growth and development of the nation.
(Daily Trust)
