It has been learned that cement manufacturers have agreed to sell a 50 kg bag of cement for a retail price of between N7,000 and N8,000, depending on the location nationwide.
Nonetheless, the producers declared that the reduction in price from the going rate would be contingent to the accomplishment of specific government initiatives aimed at addressing significant obstacles encountered by the sector.
This was revealed by Works Minister David Umahi following a Monday meeting in Abuja with prominent manufacturers.
The discussion took place against the backdrop of the commodity’s price skyrocketing to almost N13,000 in a number of retail locations in the Federal Capital Territory and Enugu, a sign of the effects of national inflation.
According to the minister, who read the press release, smuggling, poor roads, high energy costs, and the Forex crisis were the main causes of the high pricing. However, the minister also emphasized that manufacturers have stated they would be willing to lower prices in the future.
He said, “The cement manufacturer has noted to the government that the present high cost of cement in the market is very much abnormal in some locations nationwide. Ideally, they noted that cement price, and retail price to a consumer should not cost more than between N7,000 to N8,000 per 50 kg bag of cement.
“Therefore, the government and the cement manufacturers, which are Dangote Plc, BUA Plc and Lafarge Plc have agreed to have their cement price nationwide between N7,000 to N8,000 naira per 50 kg pack of cement, depending on the locations, which means that this price depends on the locations.
“Going forward, the government advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”