The Federal Government has risen to arrest the skybound cost of cement in the country in recent time, convincing the major manufacturers to peg the price of 50kg bag of cement at between N7,000 and N8,000.
A meeting between the manufacturers and the federal government was held today, February 19, in Abuja, against the backdrop of the astronomical increase in the price of the commodity to about N13,000 in several retail stores in the Federal Capital Territory, Enugu and other parts of the country.
The meeting, which was at the instance of President Bola Tinubu, was aimed at finding a lasting solution to the “unreasonable” increase in the price of the commodity.
The meeting was attended by the minister of works, Senator David Umahi, who complained that the price of cement is becoming “abnormal” and is detrimental to economic prosperity sought after by the Tinubu’s administration.
The minister said that certain issues, including smuggling, bad roads, high energy costs and the foreign exchange crisis, caused the high price but that manufacturers have expressed their readiness to willingly bring down the prices.
“The cement manufacturers and the government have noted that the present high cost of cement in the market is 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 and N8,000 per 50 kg bag of cement.
“Therefore, the government and the cement manufacturers, which is Dangote Plc, BUA Plc and Lafarge Plc, have agreed to peg their cement price nationwide between N7,000 and N8,000 per 50 kg bag of cement, depending on the location.
“Which means that this price depends on the location. Going forward, the government advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”
Also in attendance at the meeting the minister of Trade and Investment, Mrs. Doris Uzoka-Anite, representatives of Dangote Plc, BUA Plc and Lafarge Plc.
Source: NAN.
