Federal Government, Cement Manufacturers Set Cement Price Range at N7,000 to N8,000 per Bag Nationwide

In a concerted effort to address the soaring prices of cement across the nation, the Federal Government, led by Minister of Works David Umahi, convened a crucial meeting with major cement manufacturers. Following extensive discussions, it was agreed that the retail price for a 50kg bag of cement would be set between N7,000 and N8,000, contingent on location.

The meeting, summoned by President Bola Tinubu in response to the exorbitant prices reaching approximately N13,000 in various retail outlets, aimed to find a lasting solution to the issue. Minister Umahi expressed concern over the abnormal pricing, emphasizing its adverse effects on the economic prosperity pursued by the current administration.

Attributing the high prices to factors such as smuggling, poor road conditions, escalating energy costs, and the foreign exchange crisis, Umahi revealed that the manufacturers were committed to voluntarily reducing the prices. However, this reduction hinged on the fulfillment of specific government interventions to alleviate challenges faced by the industry.

“The government and the cement manufacturers, including Dangote Plc, BUA Plc, and Lafarge Plc, have agreed to peg the nationwide cement price between N7,000 and N8,000 per 50kg bag, depending on the location,” stated Minister Umahi. He further urged manufacturers to establish a price monitoring mechanism to ensure compliance with the newly set prices.

The meeting, attended by key figures such as the Minister of Trade and Investment, Doris Uzoka-Anite, and representatives from major cement companies, marks a collaborative effort to stabilize the cement market and make the essential construction material more accessible to the public.