Cement producers have decided to lower the product’s price to between N7,000 and N8,000 per 50 kg, depending on the region of the country.

The manufacturers reached a consensus on Monday in Abuja during a meeting with federal government representatives.

Doris Uzoka-Anite, the equivalent from the Ministry of Industry, Trade, and Investment, was present at the meeting called by Minister of Works David Umahi.

Remember that Umahi convened the meeting in order to determine the fundamental causes of the recent nationwide spike in cement prices?

The present manufacturers also indicated that they would be willing to voluntarily lower prices in the future, provided that the federal government’s action was carried out.

During the discussion, a BUA Industries representative revealed the company’s intentions to introduce sx million tons of cement into the market in an effort to slow down the rising costs.

Additionally, the federal government has stated that it plans to support the entry of six new firms.

The statement went on to say that the producers’ problems were discussed at the meeting, and these included high foreign exchange costs, poor road networks, high gas prices, high import duties on spare parts, and smuggling of cement to nearby countries.

“The Federal Ministry of Industry, Trade and Investment will request certain remedies from Mr. President regarding the cost of gas and import duties,” the administration said in response to the difficulties. The Federal Ministry of Works would prioritize road maintenance, particularly in the vicinity of the manufacturing sites, the statement stated.

The statement also stated that the Ministry of Industry, Trade, and Investment will continue to work closely with the National Security Advisor to find ways to curb cement smuggling.

“After securing government interventions on the challenges of the manufacturers on gas, import duty, smuggling, and better road network,” the statement continued, “the government expects the agreed price to drop.”

According to the statement, the meeting would be held again in 30 days to assess the progress that had been accomplished.

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