Dangote, BUA, Lafarge and other cement major manufacturers agreed to reduce the price of cement after a meeting with the federal government.

The meeting Initiated by the minister of Works, David Umahi was also attended by the minister of Industry, Trade, and Investment, Uzoka-Anite, in Abuja on Monday, February 19, 2024.

It came as a result of a nationwide outcry against the sharp rise in the price of cement “ a development that followed the recent increase in prices of commodities, goods and services across all sectors of the economy.

For example, a bag of cement sells between N10,000 “ N14,000, depending on the manufacturer.

According to reports, despite the agreement between manufacturers and the federal government to reduce prices by about 50%, it still sells almost as high as it did before the meeting.

Why cement prices are on the rise

According to the national chairman of Cement Producers Association of Nigeria (CEPAN), David Iweta, the continuous rise in the price of cement is a result of demand outweighing supply.

He said a better understanding with the federal government can lead to a crash in cement prices within 30 days.

He further blamed foreign exchange as a contributing factor.

Cement is a binder, a chemical substance used for construction that sets, hardens, and adheres to other materials to bind them together. (Vanguard)