Cement manufacturers, on Monday, agreed to cut down the price of the product from N10,000 to between N7,000 and N8,000 per 50kg provided the Federal Government meets their own conditions for agreeing to such an arrangement.
The cement manufacturers took the decision at a meeting convened by the Minister of Works, Engr David Umahi.
The Minister had summoned cement manufacturers to a meeting in Abuja after the price hit the roof, rising to as high as N15,000 in some places.
Umahi while speaking after the meeting also attended by his Industry, Trade and Investment counterpart, Doris Uzoka-Anite, said manufacturers listed bad roads, high energy costs, Forex crisis as some of the factors responsible for the hike.
“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.”