Cement Manufacturers have agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location nationwide, PUNCH Online reports.

However, the manufacturers stated that the price drop from the current market price would depend on the fulfilment of certain government interventions to ameliorate critical challenges faced in the industry.

The Minister of Works, David Umahi disclosed this after a meeting with leading manufacturers on Monday in Abuja.

The meeting was against the backdrop of the ballooning price of the commodity to approximately N13,000 in several retail stores in the Federal Capital Territory, and Enugu, indicating the impact of inflation within the country.

Findings by PUNCH Online indicated that the price hike was attributed to the increase in wholesalers reselling to retailers and the escalating inflation rates.

But at the meeting directed by President Bola Tinubu, Umahi lamented the current rate stating that it was abnormal and detrimental to economic prosperity sought after by the current administration.

Reading the communique, the minister said certain issues including smuggling, bad roads, high energy costs, and the Forex crisis caused the high prices but stressed that manufacturers have expressed their readiness to be willing to bring down the prices in the future.

He said, “The cement manufacturer has noted to the government that the present high cost of cement in the market is very much abnormal in some locations nationwide. Ideally, they noted that cement price, and retail price to a consumer should not cost more than between N7,000 to N8,000 per 50 kg bag of cement.

“Therefore, the government and the cement manufacturers, which are Dangote Plc, BUA Plc and Lafarge Plc have agreed to have their cement price nationwide between N7,000 to N8,000 naira per 50 kg pack of cement, depending on the locations, which means that this price depends on the locations.

“Going forward, the government advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”

Source: https://punchng.com/breaking-manufacturers-list-conditions-to-slash-rising-cement-price/

Nigerians are bloody opportunists! Umahi announced a move from bitumen to cement technology for road construction.

Afterwards, BUA promised to sell his cement at 3,500 per bag. A few weeks later, they started selling for 10k - 15k per bag. Now, landlords will see a reason to hike their rent 🥱🥱🥱

Can this government solve forex crisis

If it was peter obi as president and things were this bad!!by now there would have been tsunami of protestations peddled by tribal sentiments!!ridiculing chants of "omo ibo"would have reel through the air waves! Tout sponsored by the limping mc olu guy businesses of ibos will be destroyed in lagos and they will be a total breakdown of law and order! Yoruba actors and actress would have turn on ring lights in a tongue lashing charade! But now those who stood on the roasted corn mandate are nowhere to be found. Thunder go visit all of una wey put us for the mess😡😡😡

These government knew we were not ready for this but still went ahead to plunge the nation into crisis

For crying out loud, we've failed to diversify the economy even up until this moment

Resource control never even get head

No good inter and intra state transport network

No organized economic sector

Degraded and poor education sector

Dilapidated health sector

And this government decides to bring out their useless reforms now and some of una still dey support them

Its a pity sincerely

Conditional?

I think everyone is capitalizing on our forex conundrum to do whatever he/she likes.

Those challenges they are citing as conditions predates this administration. So, why didn't we see such recklessness increases in cement price in the last government ?

Government should call their bluff and issue licences to bulk importers of cement to bring down this anomalous price increases.

Hmmmm...
I can't believe a vast populace as this could be this calm in the face of gross hardship.

Is there a spell over Nigerians to be this quiet??

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I still bought 10 bags of cement for 35,000 last month. May it was because I wore my APC cap and polo the cement vendor sold it for me at a cheaper rate.


To all Nigerians going through this economic phase....May God help us.

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So na dem go just Sidon add money.

Lol buh you people will not give any conditions arbitraging the cement to neighboring country....

Mak everybody sha dey sleep on Dollar even if u wan pee....

You can’t build a house on a budget in Nigeria of today. A project budgetted 25 million for never finish cement don swallow my 25 million.

All of us are learning the lesson

Man's unkind to man

Still high

Nothing warrants these huge price increment on something you get the entire raw materials locally!


FGN should be firm with these manufacturers

"Ideally, they noted that cement price, and retail price to a consumer should not cost more than between N7,000 to N8,000 per 50 kg bag of cement."

Why would Umahi agree to this huge price above Wetin Umahi dey smoke #7000 for a bag of cement and he is helping them say rubbish

Radarada

ANIMAL KINGDOM

Everyone is just forming something else in other to blame the government and sabotage the efforts of the leaders.

Man inhumanity to fellow man, so it's an act deliberation even the owner of Bua that claims to be saint Bua instead of Boa wasn't left out in this exploitation. To be sincere Nigerians are the problem of Nigeria.

Issue more license not just Dangote and BUA and let true competition reign

SoNature:


Source: https://punchng.com/breaking-manufacturers-list-conditions-to-slash-rising-cement-price/

Its time to end the monopoly the fulani have.
Let import cement

Hmmm

See wetin monopoly dey cause.Them even dey do shakara.
They export their products to neighbouring countries but they don't want other countries to import their products.
With the lifting of border closure inflation will reduce because these manufacturers are taking Nigerians for granted.
No be say them provide jobs.Person go work like elephant come dey eat like ant

😡Bag of cement for 7k-8k
Omó these so called politician has finished this country🤔

Lol

Instead of Umahi to be truthful that they have sibsidized cement. Lol. How can they peg it to a price when dollara is flying daily. Lol. Na wa ooo.

Cements producers are the new cabals in town. Lol

phemmie06:
Can this government solve forex crisis

Are they using forex to produce the cement? All the raw materials are locally sourced., so where does forex comes in. I understand the fact that cost of diesel, logistics will have impact....these people are just thieves and opportunist - 5 years ago, cement was 1500-1600, as soon as Dangote started his refinery and fertilizer plants construction, he saw reason to jack up the price. He literally built that refinery from the money he generated from cement in the last 5 years, despite government setting aside taxes for him. These business men are just after increasing their capital base at any cost and retaining their Forbes rating. Or, what was the excuses he gave for hiking the cement price within those years up until last year?

ambale:
These government knew we were not ready for this but still went ahead to plunge the nation into crisis

For crying out loud, we've failed to diversify the economy even up until this moment

Resource control never even get head

No good inter and intra state transport network

No organized economic sector

Degraded and poor education sector

Dilapidated health sector

And this government decides to bring out their useless reforms now and some of una still dey support them

Its a pity sincerely

Last last everybody go get sense for this country

Even at 7k to 8k is still expensive.
. We need more manufacturers, just 3 cement manufacturers is not enough to cater for our demand.

louken:

Last last everybody go get sense for this country

So everybody no get sense Before?

opera1:
Even at 7k to 8k is still expensive

Is it Tinubu that would make things affordable?..


His Job is to make things difficult for Nigerians

And he's excelling