Cement producers have reached an agreement to reduce the price of their product, aiming for a range between N7,000 and N8,000 per 50kg bag across different locations nationwide.
This decision was made during a meeting convened by the Minister of Works, David Umahi, in Abuja on Monday, February 19, attended by officials from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite. The purpose of the meeting was to investigate the factors behind the sudden rise in commodity prices.
The manufacturers present affirmed their commitment to lowering prices in the future, contingent upon the fulfillment of government interventions. BUA Industries announced plans to introduce 6 million tons of cement into the market to alleviate price hikes.
Furthermore, the federal government declared its intention to support the establishment of six new cement manufacturing companies.
