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 initiated by the Minister of Works, David Umahi, and attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19, efforts were made to identify the underlying reasons for the abrupt increase in commodity prices.
The manufacturers present also expressed their readiness to willingly 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.
READ ALSO: Nigerian Government Summons Cement Manufacturers Over Excalating Prices.
The federal government has also declared its intention to encourage the introduction of six new manufacturers.
While the projected price range of N7,000 to N8,000 per 50kg bag offers much-needed relief for consumers, it’s essential to consider regional variations and market dynamics that may influence pricing. Factors such as transportation costs, local demand-supply dynamics, and regulatory frameworks can impact the final retail price of cement in different parts of the country. Therefore, consumers and stakeholders should remain vigilant and informed about price fluctuations and market trends in their respective regions.
Affordable cement prices align with the broader objectives of sustainable development and infrastructure investment outlined in Nigeria’s national development plans. Accessible building materials are essential for addressing housing deficits, improving living standards, and fostering inclusive economic growth. By reducing barriers to construction and enhancing affordability, the cement industry contributes to the realization of these developmental goals, driving progress and prosperity across the nation.
The announcement of lower cement prices marks a positive step forward for Nigeria’s construction sector and the broader economy. As manufacturers pledge to make cement more affordable and the government implements supportive policies to stimulate industry growth, the stage is set for increased investment, job creation, and infrastructure development. By working together to address affordability challenges and promote access to essential building materials, stakeholders can propel Nigeria towards a future of sustainable development, prosperity, and inclusive growth.
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