The Nigerian government has called for an urgent meeting with all cement manufacturers in the country to address the surging retail prices of cement in the market. This move comes in response to recent increases in the cost of cement and associated products by distributors nationwide.
The summons was disclosed in a statement by the Special Adviser to the Minister, Edward Uchenna Orji, on Saturday. The Minister of Works, David Umahi, will preside over the meeting.
Nigeria, being one of the largest producers of cement in Africa, has witnessed a steady rise in cement prices, particularly this year. In Kubwa, Bwari area of the Federal Capital Territory, a 50-kilogram bag of Dangote cement now ranges between N8,600 and N9,600, while BUA sells for between N8,500 and N9,500.
Concerns have been raised by retailers over manufacturers increasing depot prices, further contributing to the hike in retail prices.
The meeting, scheduled to take place at the Federal Ministry of Works in Mabushi, Abuja, aims to address the widening gap between ex-factory prices and market prices. Participants will include Dangote Plc, BUA Plc, Larfarge, and other manufacturers.
Minister Umahi expressed concern over the escalating cost of cement despite significant patronage by road and housing contractors. He emphasized the need to explore the root causes of the price disparity and other related issues to find a collaborative solution
