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Dangote, BUA, Lafarge and other cement major manufacturers agreed to reduce the price of cement after a meeting with the federal government.
The meeting initiated by the minister of Works, David Umahi was also attended by the minister of Industry, Trade, and Investment, Uzoka-Anite, in Abuja on Monday, February 19, 2024.
It came as a result of a nationwide outcry against the sharp rise in the price of cement – a development that followed the recent increase in prices of commodities, goods and services across all sectors of the economy.
For example, a bag of cement sells between N10,000 – N14,000, depending on the manufacturer.
According to reports, despite the agreement between manufacturers and the federal government to reduce prices by about 50%, it still sells almost as high as it did before the meeting.
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.
