In response to widespread public concern over the escalating cost of cement, major manufacturers including Dangote, BUA, and Lafarge have pledged to lower prices following a high-level meeting with government officials.
The gathering, spearheaded by the Minister of Works, David Umahi, and attended by the Minister of Industry, Trade, and Investment, Uzoka-Anite, convened in Abuja on Monday, February 19, 2024. It aimed to address the mounting dissatisfaction stemming from the recent surge in cement prices, echoing the broader trend of price hikes across various sectors of the economy.
Despite the agreement reached between cement manufacturers and the federal government to slash prices by approximately 50%, reports indicate that retail prices remain stubbornly high, ranging between N10,000 to N14,000 per bag, contingent on the manufacturer.
While the commitment to reduce prices was made in response to public outcry, consumers continue to grapple with the reality of inflated costs. The discrepancy between the agreed-upon reduction and actual retail prices underscores the challenges in translating policy decisions into tangible relief for the populace.
As stakeholders monitor the situation closely, attention turns to the implementation and enforcement of the agreed-upon price adjustments. The effectiveness of these measures will be crucial in determining the extent to which consumers benefit from the newfound commitment to affordability in the cement market.
Why cement prices are on the rise
As per recent survey, below are the prices of a bag of cement in Nigeria
Cement is a binder, a chemical substance used for construction that sets, hardens, and adheres to other materials to bind them together.
