Cement price to drop to N7000

Cement manufacturers have agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location nationwide.

The agreement was reached during a meeting initiated by the Minister of Works, David Umahi, and attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19, efforts were made to identify the underlying reasons for the abrupt increase in commodity prices.

The manufacturers present also expressed their readiness to willingly bring down the prices in future as soon as the federal government intervention are fulfilled.

BUA Industries also disclosed plans to bring 6 million tons of cement into the market to mitigate the surging prices.

The federal government has also declared its intention to encourage the introduction of six new manufacturers.