Cement Manufacturers and Government Reach Agreement to Lower Prices Nationwide

0
52

Cement manufacturers in Nigeria have agreed to reduce the cost of the product to a range between N7,000 and N8,000 per 50kg .

The agreement was reached in Abuja on Monday, signifying a collaborative effort between cement manufacturers and the Federal Government to address the abnormal increase in cement prices observed in various locations nationwide.

In attendance were industry leaders including Dangote Cement Plc, BUA Cement Plc, and Lafarge Africa Plc, emphasized the importance of ensuring that cement retail prices remain within reasonable limits to facilitate construction activities and promote economic development.

In a statement issued by the Ministry of Works, Senator David Umahi highlighted the need for cement prices to reflect market realities, stressing that excessive pricing hinders growth and investment in critical sectors such as infrastructure.

Consequently, the three cement manufacturers committed to maintaining prices within the agreed range, with assurances of further reductions in the future as government interventions take effect.

Moreover, the government has called for the establishment of a price monitoring mechanism to ensure compliance with the agreed-upon prices. Cement manufacturers have expressed their willingness to cooperate and sanction any distributors or retailers found engaging in price gouging or non-compliance.

READ ALSO: Akpabio: Emefiele Leaves Economy in Shambles, Charges Unclear

Minister of Industry, Trade, and Investment Doris Uzoka-Anite reiterated the government’s commitment to tackling these issues to create a conducive environment for businesses and consumers alike.

However,stakeholders have agreed to reconvene in 30 days to assess progress and explore additional measures to sustainably address cement pricing concerns and promote economic growth.

WhatsApp Image 2023 08 28 at 10.48.48 AM 1

LEAVE A REPLY

Please enter your comment!
Please enter your name here