The Nigerian government has officially called for a meeting with all cement producers in the nation, to be chaired by the Minister of Works, David Umahi, in response to the surging retail prices of cement. This development was announced by Edward Uchenna Orji, the Special Adviser to the Minister, this Saturday.
There has been a dramatic increase of up to 30% in cement prices, following recent price hikes by distributors nationwide.
Despite Nigeria’s status as one of the leading cement producers in Africa, prices have been on the rise, particularly this year, due to high inflation affecting the market for building materials.
In the Kubwa, Bwari area of the Federal Capital Territory, the price for a 50-kilogram bag of Dangote has shot up to between N8,600 and N9,600, while BUA cement is selling for between N8,500 and N9,500.
A retailer in Kubwa Phase 4 disclosed on Friday, “Dangote is N9,600 while BUA goes for N9,500 per bag,” highlighting that the depot prices set by some manufacturers have reached new peaks amid the overall inflationary trend.
The statement conveyed the minister’s concern over the climbing costs of cement, despite significant demand from road and housing contractors. The meeting will see the participation of leading manufacturers such as Dangote Plc, BUA Plc, Larfarge, and others, scheduled to convene at the Federal Ministry of Works, Mabushi, Abuja.
Minister Umahi was cited emphasizing the notable gap between the factory prices and market prices of cement, expressing the need to address this disparity and other related issues to establish a unified approach.
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