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FG and cement manufacturers agrees on ₦7,000 to ₦8,000 per 50kg bag of cement

Following extensive discussions at the Ministry of Works in Abuja, the Federal Government and cement manufacturers have agreed on pricing to curb the steep increase in cement costs. The agreed-upon range for a 50kg bag is between ₦7,000 and ₦8,000 nationwide.

This decision, reached after deliberations behind closed doors, aims to address the recent surge in retail prices, which skyrocketed from ₦5,000 to ₦10,000 within a week due to various factors such as transportation costs.

President Bola Tinubu instructed Ministers David Umahi and Dr. Doris Uzoka-Anite to engage with cement manufacturers to resolve the crisis, expressing concerns over its potential impact on the administration’s prosperity agenda.

During the meeting, concerns were raised by manufacturers, including challenges like poor road infrastructure, energy costs, and forex instability, which have contributed to the price hike.

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In response, the Federal Government pledged to address these issues, with commitments to seek solutions regarding gas costs, import duties, road maintenance, and smuggling prevention. The government expects prices to decrease once these interventions take effect.

The key manufacturers involved in the agreement are Dangote Cement PLC, BUA Cement PLC, Larfarge Africa PLC, and the Cement Producers Association.

To ensure compliance, both parties agreed to establish a price monitoring mechanism, with plans to reconvene in 30 days to assess progress and make further adjustments as needed.

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