FG, CEMENT MANUFACTURERS MEET IN ABUJA OVER ESCALATING PRICE OF CEMENT ..... Agree On #7,000-#8,000 Per 50Kg Bag, Await Social Remedies By FG

Works Minister, Engr David Umahi, Minister for Industry, Trade and Investment, Dr. Doris Uzoka-Anite and Nigerian Cement Manufacturers after a meeting at the Federal Ministry of Works Headquarters, Abuja.

"Cement manufacturers, which included; Dangote Cement Plc, BUA Cement Plc and Larfarge Africa agreed that cement cost will not be more than between ₦7,000.00 and ₦8,000.00/50kg bag depending on the location."

Arising from a crucial meeting organized by the Federal Goverment of Nigeria to address the escalating price of cement across the country, Manufacturers of cement have agreed on a price range of between #7,000 and #8,000 per 50 kilogram bag, depending on location.

Engr David Nweze Umahi

The Honourable Minister of Works, Engr David Nweze Umahi, alongside his counterpart in the Ministry of Industry, Trade and Investment, Dr Doris Uzoka-Anite including top management staff from both ministries commended the Cement Manufacturers while also, noting the challenges of the manufacturers which the cement manufacturers listed out to 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, while noting the challenges as expressed by the Manufacturers, stated that the Federal Ministry of Industry, Trade and Investment will move to seek some remedies from Mr. President on cost of gas and import duties.

Minister for Industry, Trade & Investment, Uzoka-Anite and the Minister for Works, Engr David Umahi

It also disclosed that the Federal Ministry of Works, being a critical stakeholder in the sector, will give more attention to fixing of the roads, especially around the locations of the manufacturers. On the issue of smuggling cement, the Federal Ministry of Industry, Trade and Investment to deepen the already started engagement with the National Security Adviser on how to stop the smuggling.

Both sides, thereafter, agreed that the current high price of cement is abnormal in some locations nationwide.

"Ideally, cement retail prices should not cost more than ₦7,000.00 to ₦8,000.00/ 50kg bag of cement." It was therefore agreed on.

"Therefore, cement manufacturers, which included; Dangote Cement Plc, BUA Cement Plc and Larfarge Africa agreed that cement cost will not be more than between ₦7,000.00 and ₦8,000.00/50kg bag depending on the location."

At the end of the meeting, the Federal Goverment, in its conclusion, advised cement manufacturers to set up a price monitoring mechanism to ensure compliance in the new price regime agreed upon.

The cement manufacturers accepted the advisory with as assurance of sanctioning any of her distributors or retailers found wanting.

Equally, the Federal Goverment team comprising of the Honourable Minister for Works, Engr David Umahi and Dr. Doris Uzoka-Anite, Minister for Industry, Trade and Investment stressed that the agreed price is expected to drop after securing government's interventions on the challenges of the manufacturers on gas, import duty, smuggling, and better road network.

All parties thereafter, resolved at the end of the meeting, to reconvene in 30 days to review progress made.