Following extensive discussions between the Federal Government and Cement Manufacturers, a tentative agreement has been reached to address the surging price of cement in the market.
After a prolonged closed-door meeting, manufacturers have provisionally consented to retail a 50kg bag of cement within the range of 7,000 naira and 8,000 naira, contingent on the geographical location across the nation.
However, the manufacturers have added a crucial condition, stating that any reduction from the current market price is contingent upon the fulfillment of specific government interventions aimed at alleviating critical challenges faced within the industry.
The announcement of this agreement was made by the Minister of Works, David Umahi, following the meeting with key manufacturers on Monday in Abuja.
The agreement reflects a collaborative effort to address the concerns surrounding the escalating cost of cement while emphasizing the need for government interventions to create a more sustainable pricing structure in the industry.