The pricing range for a 50 kg bag of cement has been set by the Federal Government and cement producers including BUA, Dangote, and Larfarge at N7,000 to N8,000 in different parts of the nation.
According to the Times, senator David Umahi announced this pricing change on Monday in Abuja after a lengthy meeting with influential cement industry participants.
Manufacturers stressed that, even with the agreed-upon price reduction, the drop from the going market rates is dependent on the government’s resolve to deal with serious issues facing the industry.
President Bola Tinubu’s effort seeks to address the spike in cement costs, which Senator Umahi deemed exorbitant and detrimental to the economic growth and government plans.
During his speech, the minister “cited a number of reasons for the rising costs, such as smuggling, bad roads, high energy costs, and the foreign exchange problem.
“He did, however, point out that producers are eager to lower prices as long as government actions adequately solve these problems.”
The cost of a 50 kg bag of cement has risen in all of the nation’s cities to an unprecedented level of almost N9,500. The increase in energy costs and other operating expenses has been identified as the source of the spike.
