Price of Cement to Drop to N7000

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According to reports, cement producers have decided to lower the product’s price to a range of N7,000 to N8,000 per 50 kg bag, depending on the region of the country.

The Minister of Works, David Umahi, called a meeting on Monday, February 19, in Abuja. Doris Uzoka-Anite and other representatives from the Ministry of Industry, Trade, and Investment were there, according to TheNation.

Investigating the causes of the unexpected rise in commodity prices was the meeting’s main goal.

Manufacturers stated at the meeting that they would be willing to reduce prices in the future, provided that federal government actions were carried out.

In an effort to moderate the price increase, BUA Industries also disclosed intentions to release 6 million tons of cement onto the market.

In addition, the federal government declared that it will help six new manufacturers join the market.

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