The federal government and cement manufacturers have reached an agreement on the price of the product.
Daily Report Nigeria reports that cement price has been fixed at N7,000 and N8,000 per 50kg depending on the location nationwide.
The agreement was reached during a meeting between the Minister of Works, David Umahi, and the manufacturers.
Also in attendance were Umahi’s counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in the meeting that held in Abuja on Monday.
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During the meeting, efforts were made to identify the underlying reasons for the abrupt increase in commodity prices.
The manufacturers expressed readiness to bring down cement price in the nearest future as soon as the government fulfils its intervention promises.
On their part, BUA Industries announced plans to release 6 million tons of cement into the market to mitigate the surging prices.
The federal government has also declared its intention to encourage the introduction of six new manufacturers.
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