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JUST IN: Cement Price to Drop to N7000
Reports indicate that cement manufacturers have agreed to reduce the price of the product to a range between N7,000 and N8,000 per 50kg bag, varying by location across the nation.
According to TheNation, a meeting was convened in Abuja on Monday, February 19, initiated by the Minister of Works, David Umahi, and attended by counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite.
The purpose of the meeting was to investigate the factors contributing to the sudden increase in commodity prices.
During the meeting, manufacturers expressed their readiness to lower prices in the future, contingent upon the fulfillment of federal government interventions.
BUA Industries also revealed plans to introduce 6 million tons of cement to the market to alleviate the price surge.
Furthermore, the federal government announced its intention to facilitate the entry of six new manufacturers into the industry.
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