File photo combo of bags of cement
Nigerian Cement Manufacturers Commit to Price Reduction, With Federal Government Intervention
Cement manufacturers in Nigeria have pledged to lower the price of their product, targeting a range between N7,000 and N8,000 per 50kg bag, varying by location nationwide. This agreement, struck between the manufacturers and the Federal Government, emerged from a meeting convened by Senator David Umahi, the Minister of Works, on Monday in Abuja.
“The current high price of cement is deemed abnormal in several locations across the country,” the Ministry stated in a release. “Ideally, retail prices should hover around ₦7,000.00 to ₦8,000.00 per 50kg bag.”
The three major cement producers – Dangote Cement Plc, BUA Cement Plc, and Lafarge Africa Plc – have committed to maintaining prices within this range, contingent upon location. Moreover, they have agreed to establish a monitoring system to ensure adherence and to penalize any distributors or retailers found violating the agreed pricing.
The Government has urged manufacturers to address underlying challenges such as gas supply, import duties, smuggling, and infrastructure constraints, with expectations that these interventions will lead to further price reductions. A follow-up meeting is scheduled in 30 days to review progress.
Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, emphasized ongoing efforts to address the root causes behind the recent surge in commodity prices.
[logo-slider]
