Dangote, BUA, and Larfarge Pledge to Reduce Cement Prices Following Government-Industry Meeting

The Federal government has just struck a deal with cement manufacturers, Dangote, BUA, and Larfarge to lower the cost of the product.

The price of cement has recently soared to around N13,000 in major towns across the country.

During a stakeholders’ meeting in Abuja, organized by Senator David Umahi, the Minister of Works, and attended by the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, manufacturers expressed their willingness to reduce prices once the Federal Government provides the necessary support.

After the resolution, both parties agreed that cement will be sold between N7,000 and N8,000 per 50kg, depending on the location nationwide.

At the meeting, Umahi decried the current price of cement, claiming that it was abnormal and destructive to the economic development.

“Certain issues including smuggling, bad roads, high energy costs, and the forex crisis caused the high price but manufacturers had expressed their readiness to bring down the prices in the future”

“Therefore, the three cement manufacturers: Dangote Cement Plc, BUA Cement Plc and Larfarge Africa Plc have agreed that cement cost will not be more than between ₦7,000.00 and ₦8,000.00/50kg bag depending on the location.” The Minister noted.

“Going forward, the government advised cement manufacturers to set up a price monitoring mechanism to ensure compliance, and manufacturers have willingly accepted to do so and to sanction any of her distributors or retailers found wanting.

“The government expects the agreed price to drop after securing government’s interventions on the challenges of the manufacturers on gas, import duty, smuggling, and better road network’ Umahi said