FG Meets Cement Manufactures, Set to Crash Price to N7000

Cement manufacturers have agreed to lower the product’s price to between N7,000 and N8,000 per 50kg, depending on region nationally.

On Monday, February 19, the Minister of Works, David Umahi, convened a meeting in Abuja attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, to identify the underlying causes of the sudden increase in commodity prices.

The manufacturers present also emphasized their willingness to bring down the pricing in the future as long as the federal government intervention is satisfied.

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.

More details to follow…