Cement Prices Remain High Despite FG Meeting with Manufacturers

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Following a crucial meeting with the federal government led by the Minister of Works, David Umahi, and the Minister of Industry, Trade, and Investment, Uzoka-Anite, in Abuja on Monday, February 19, 2024, cement manufacturers have agreed to address the soaring prices of their products.

The decision comes amidst nationwide outcry over the sharp increase in cement prices, which mirrors the broader trend of rising costs across various sectors of the economy.

Prior to the agreement, the price of a bag of cement ranged between N10,000 and N14,000, significantly impacting construction costs and housing affordability for Nigerians.

Despite the agreement to slash prices by about 50%, reports indicate that the cost of cement has remained largely unchanged post-meeting, maintaining its peak price point.

This development has raised concerns among consumers and industry stakeholders regarding the efficacy of the agreement and the timeline for its implementation.

David Iweta, the National Chairman of the Cement Producers’ Association of Nigeria (CEPAN), attributed the persistent rise in cement prices to demand outpacing supply. He expressed optimism that enhanced cooperation between cement manufacturers and the federal government could lead to a significant reduction in prices within 30 days.

Iweta also cited fluctuations in foreign exchange rates as a contributing factor to the price volatility in the cement market.

Despite these efforts, a review shows that the prices of bags of cement in Nigeria remain high.

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