Stephen Ukandu, Umuahia
Manufacturers of cement in Nigeria, have accepted to reduce the rising price of the commodity nationwide.
This was after a crucial meeting with the Minister of Works, Senator David Umahi, in Abuja.
Umahi convened the meeting following the skyrocketing price of cement due to the soaring inflation rate in the country.
The manufacturers reportedly agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location.
However, the manufacturers stated that the price drop from the current market price would depend on the fulfilment of certain government interventions to ameliorate critical challenges faced in the industry.
In a communique read by the Minister after the meeting, the stakeholders agreed to make sacrifices in the interest of the nation.
Senator Umahi who read the communique admitted that certain factors including high exchange rate, bad roads, high energy costs, are responsible for the sharp rise in price.
The communique read: “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.
“Going forward, the government advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”
