Metro
Cement Manufacturers Agree To Slash Prices In Nigeria
In a significant development aimed at addressing the recent surge in cement prices, manufacturers in Nigeria have pledged to reduce the cost of the product to a range between N7,000 and N8,000 per 50kg bag across the country.
This decision came following a crucial meeting convened by the Minister of Works, David Umahi, in collaboration with counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19. The gathering focused on identifying the root causes behind the sudden spike in commodity prices and formulating effective solutions in Nigeria.
During the meeting, cement manufacturers demonstrated their commitment to easing the financial burden on consumers in Nigeria by voluntarily agreeing to lower prices once specific government interventions are implemented.
In addition, BUA Industries unveiled plans to inject 6 million tons of cement into the Nigerian market, a move aimed at stabilizing prices and meeting the growing demand for the product.
Furthermore, the federal government has expressed its intent to foster competition and bolster supply by facilitating the entry of six new manufacturers into the industry
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Source: The Nations Newspaper
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