• Saturday, May 25, 2024
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Cement price to drop to N7000 from over N10,000

Dangote Cement’s cash pile more than triples, hits N304bn

Cement manufacturers have agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location nationwide.

During a meeting called by David Umahi, Minister of Works, which had people from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, efforts were made to identify the underlying reasons for the abrupt increase in commodity prices.

Read also: Umahi to meet BUA, Dangote, Lafarge, other cement makers over price hike Monday

The manufacturers present also expressed their readiness to willingness to bring down the prices in future as soon as the federal government intervention are fulfilled.

BUA Industries also disclosed plans to bring 6 million tons of cement into the market to mitigate the surging prices.

The federal government has also declared its intention to encourage the introduction of six new manufacturers.