The government of President Bola Ahmed Tinubu has stressed an urgent meeting with prominent cement producers to address the rising cost of cement.
A Nairametrics investigation states that as of February 15, 2024, the cost of a 50 kg bag of cement in several retail locations in Lagos has increased to over N9,500.
An 50 kilogramme bag of cement cost between N6,000 and N6,500 in January 2024.
Some merchants have stopped sales as a result of this sudden cost haul since they perceive other price increases in the near future.
Though, Minister of Works David Umahi has disclosed that the government will be meeting with notable cement makers to talk about the problem in an effort to stop the price of cement and other building materials from continuously rising.
The minister expressed concerns on the notable increase in cement prices, even if road and housing contractors continue to provide substantial support.
The meeting is set for Monday, February 19, 2024, at the Mabushi, Abuja, Conference Hall of the Ministry. Among the cement producers invited are Dangote Plc, BUA Plc, Lafarge, and additional companies.
Umahi stressed in a statement issued by Orji Uchenna Orji, the Minister's Special Advisor for Media, the necessity of addressing the growing gap between cement's ex-factory price and its market price.
The minister wants to investigate the problems and establish common ground during the discussion, even if he acknowledges the difficulties encountered by manufacturers.
"Honourable Minister of Works, His Excellency, David Umahi CON, has called an urgent meeting of all cement manufactory owners in Nigeria," said a section of the letter.
"Dangote Plc, BUA Plc, Larfarge, and others are invited."
We will look into the recognized issues the manufacturers are facing, but our analysis shows a notable discrepancy between the ex-factory and market prices.
Therefore, we must look into this and other topics to find a common front.
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