In response to the soaring cement prices in Nigeria, manufacturers have revealed a strategic initiative to reduce the cost to a range of N7,000 to N8,000 per 50kg. This announcement emerged from a meeting convened by David Umahi, Minister of Works, and attended by representatives from the Ministry of Industry, Trade, and Investment, including Minister Doris Uzoka-Anite, in Abuja.
The gathering focused on identifying the root causes of the sudden surge in commodity prices. Manufacturers affirmed their commitment to lowering prices once the federal government intervenes. Notably, BUA Industries outlined its intention to introduce six million tonnes of cement to the market to alleviate the price surge. Additionally, the Federal Government expressed its support for the introduction of six new manufacturers.
This development unfolds amid the price of cement skyrocketing to over N10,000 per 50kg in the Federal Capital Territory. Prince David Iweta, Chairman of the Cement Producersā Association of Nigeria (CEPAN), attributed the price hike to the demand for cement surpassing its supply.
