Amid the rising price of cement in Nigeria, manufacturers of the product have unveiled plans to crash the price to between N7,000 and N8,000 per 50kg.
Cement manufacturers disclosed this during a meeting called by David Umahi, Minister of Works, which had people from the Ministry of Industry, Trade, and Investment, including the minister, Doris Uzoka-Anite, in attendance in Abuja on Monday.
At the meeting, efforts were made to identify the underlying reasons for the abrupt increase in commodity prices.
Accordingly, manufacturers present also expressed their readiness to bring down prices in future as soon as the federal government intervention is fulfilled.
BUA Industries also disclosed plans to bring six million tonnes 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.
The development comes as the price of cement skyrocketed to above N10,000 per 50kg in the Federal Capital Territory.
Earlier, the chairman of the Cement Producers’ Association of Nigeria, CEPAN, Prince David Iweta, explained that the demand for cement outweighed its supply as the reason for the rising price.
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