Cement companies have agreed to reduce the price of their product to between N7,000 and N8,000 for a 50kg bag across the country, depending on the location.
This decision came out of a meeting led by the Minister of Works, David Umahi, with support from other officials, including Doris Uzoka-Anite from the Ministry of Industry, Trade, and Investment, in Abuja on Monday, February 19. The meeting aimed to find out why cement prices had suddenly gone up.
The companies at the meeting also said they are willing to lower their prices even more in the future once the government’s support actions are in place.
BUA Industries announced it would add 6 million tons of cement to the market to help lower the rising prices.
Furthermore, the government has said it plans to encourage six new companies to start making cement.