A meeting between the Minister of Works, David Umahi and Cement Manufacturers in the country has ended in an agreement bringing down the price of cement.
Currently, the price of cement ranges between N10-N15,000 depending on the location in the country.
However, the Manufacturers of the product have agreed to slash the price nationwide to sell between N7000- N8000 per 50 kg pack of cement.
Umahi who spoke after the meeting attended by his Industry,Trade and Investment colleague, Doris Uzoka – Anite said the manufacturers listed reasons that led to the price 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.”
The price of cement rallied between N5000 and N5500 before the unprecedented hike.
Last year, one of the Manufacturers,BUA had announced a slash of the product from N5000 to N3500 but till date ,no one has bought or sighted where BUA cement was sold at that price.
