Respite has come for Nigerians on the daily rising price of cement as Dangote, BUA and other cement manufacturers have agreed to a drop in the price of the commodity.
Dangote Group, BUA Group and other 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.
This agreement was reached 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 yesterday.
At the meeting, Efforts were made to identify the underlying reasons for the abrupt increase in commodity prices.
The manufacturers present expressed their readiness 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 while Federal Government has declared its intention to encourage the introduction of six new manufacturers.
Recall that last week, reports had it that the product surged to between N10,000 and N15,000 per bag in Abuja in the face of current economic crisis in the country.
Meanwhile, Minister of Housing and Urban Development, Arc. Musa Dangiwa, had a few days ago decried the astronomical rise in the price of cement and other building materials across the country.
He said the price hike was unacceptable and insisted the fluctuation in the exchange rate of the dollar could not be blamed for the present scenario in that sector.
Source: RegionReport
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