Dangote, BUA, Lafarge peg cement price at N8,000

Cement manufacturers have agreed that the price of cement across the country should not exceed between N7,000 and N8,000. The resolution was reached following a meeting between the Minister of Works, Sen. David Umahi, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite as well as manufacturers of BUA Cement, Dangote Cement, Lafarge and […]

Cement manufacturers have agreed that the price of cement across the country should not exceed between N7,000 and N8,000.

The resolution was reached following a meeting between the Minister of Works, Sen. David Umahi, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite as well as manufacturers of BUA Cement, Dangote Cement, Lafarge and Cement Producers Association.

While the government noted that the current high price of cement is abnormal in some locations nationwide, they stated that ideally, cement retail prices should not cost more than N7,000.00 to N8,000.00/ 50kg bag of cement.

Therefore, the three cement manufacturers: Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc have agreed that cement cost will not be more than between N7,000and N8,000.00/50kg bag depending on the location.

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A statement by the Special Assistant to the Minister of Works on Media, Orji Uchenna Orji, advised cement manufacturers to set up a price monitoring mechanism to ensure compliance.

 “The manufacturers have willingly accepted to do so and to sanction any of their distributors or retailers found wanting,” he said.

The statement added that the meeting noted the challenges of the manufacturers include cost of gas, high import duty on spare parts, bad road network, high foreign exchange and smuggling of cement to neighbouring nations.

“The government noted the challenges and reacted that the Federal Ministry of Industry, Trade and Investment will seek some remedies from Mr. President on the cost of gas and import duties. The Federal Ministry of Works will give more attention to fixing of the roads, especially around the locations of the manufacturers,” it said.

The statement added that on the issue of smuggling cement, the Ministry of Industry, Trade and Investment will deepen the already started engagement with the National Security Adviser on how to stop the smuggling.

“Government expects the agreed price to drop after securing government’s interventions on the challenges of the manufacturers on gas, import duty, smuggling, and better road network,” it said.

It added that the meeting would reconvene in 30 days to review the progress made.