**Measures Taken to Reduce the Price of Cement in Nigeria**
In an important meeting with major cement manufacturers in the country, Senator David Umahi announced that the selling price of a 50kg bag of cement will be between 7,000 and 8,000 naira, depending on the location. The move follows the sharp rise in cement prices in the market, reaching almost 13,000 naira in some places in Nigeria.
Cement manufacturers have agreed to reduce prices in response to some government interventions aimed at solving major challenges facing the industry, such as smuggling, damaged roads, high energy costs and the exchange rate crisis.
President Bola Tinubu called the meeting to find a lasting solution to the unjustified price increase. Senator Umahi expressed his frustration at this abnormal situation which is detrimental to the economic prosperity sought by the current government.
He stressed that the ideal price of a 50kg bag of cement should be between N7,000 and N8,000 for the consumer. Cement manufacturers, including Dangote Plc, BUA Plc and Lafarge Plc, have committed to respecting these prices, while emphasizing the importance of closely monitoring compliance with these tariffs.
In conclusion, this move is expected to help stabilize the cement market in Nigeria, thereby providing a more predictable and affordable environment for consumers and the construction industry as a whole.