In a significant development for the construction sector, cement manufacturers have agreed to reduce the price of their product from N10,000 to a range between N7,000 and N8,000 per 50kg, subject to certain conditions set by the Federal Government.
The decision was reached during a meeting convened by the Minister of Works, Engr David Umahi, who had called the manufacturers to discuss the soaring prices that had reached as high as N15,000 in some areas.
Umahi highlighted issues such as bad roads, high energy costs, and a Forex crisis as factors contributing to the price hike. Post-meeting, Umahi stated that the government and major cement manufacturers, including Dangote Plc, BUA Plc, and Lafarge Plc, had reached a consensus to cap cement prices nationwide at N7,000 to N8,000 per 50kg, with variations based on locations.
This agreement aims to address the abnormal market prices and foster more affordable construction materials for consumers.
