The Federal Government, together with cement manufacturers such as BUA, Dangote and Larfarge, has set the price range for a 50kg bag of cement at N7,000 to N8,000 across various locations in the country.

This price adjustment was announced by Senator David Umahi following an extended discussion with key players in the cement industry held in Abuja on Monday.

Despite the agreed price reduction, manufacturers emphasized that the decrease from the current market rates is contingent upon the government’s commitment to address significant challenges within the sector.

The initiative, spearheaded by President Bola Tinubu, aims to tackle the surge in cement prices, which Senator Umahi described as excessive and counterproductive to the economic growth ambitions of the government.

Factors responsible for the hike in cement prices
In his remarks, the minister highlighted several factors contributing to the inflated costs, including smuggling, poor road conditions, elevated energy expenses, and the foreign exchange dilemma.
He, however, noted the manufacturers’ willingness to reduce prices provided these issues are effectively addressed by government interventions.

He stated, “Ideally, they noted that cement price and retail price to a consumer should not cost more than between N7,000 and N8,000 per 50 kg bag of cement.
“Therefore, the government and the cement manufacturers, which is Dangote Plc, BUA Plc and Lafarge Plc, have agreed to peg their cement price nationwide between N7,000 and N8,000 per 50 kg bag of cement, depending on the location.
“Which means that this price depends on the location. Going forward, the government advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”
What you should know
In the past few weeks, the price of a 50kg bag of cement increased to an all-time high of over N9,500 across different cities in the country. The cause of the spike has been attributed to increase in energy cost and other operational expenses.

A market survey by Nairametrics last week revealed that the price of cement in many retail outlets across Lagos has increased to N9,500 and for some brands, at N10,000. Multiple reports in the media noted that the price of the commodity had surged to between N12,000 N15000 in Abuja and other cities in the country. This necessitated the meeting between the works minister and the cement producers.
The Minister of works, Sen. Dave Umahi had earlier stated his intention to build roads across the country with concrete rather than the traditional asphalt.

https://www.google.com/amp/s/nairametrics.com/2024/02/19/fg-and-cement-producers-agree-to-set-cement-prices-at-n7000-to-n8000/%3famp=1

Late last year, dangote and lafarge cement posted biggest profit margin amongst it's global peers. Today Nigeria is facing hard times but yet dangote gives zero Fss about the cries of the masses,
A bag of dangote cement despite our heavily crashed exchange rate in Ghana and Togo is about 11k as at today.
Import duties, transportation cost and many more tax being paid yet the source countries of raw material is about paying same price.
Now I understand clearly when dangote mentioned he's passionate about touching lives of people on his Twitter bio.
He clearly means he's more than determined to wreck the nation.
Increase in price of cement was justified by some quack economist but no corresponding increase in salary to it's staffs.
Just to exploit the nation as much as possible.
May God help us from evil men.

That is because none of the two parties are struggling to make money,let alone make money to build his own house.

Joke of the century. You sell it to distributors at 8k. How much do you think it will be by the time it gets to end-users?

Funny enough Abuja which is more closer to kogi state would sell much higher than Maiduguri which is far far away..
I wonder the kind abnormal business pattern we dey display for this Abuja

Just like tinubu had 3500 agreement with bua cement barely few months ago.
These are the usual bull shit talks of grab it and run with it government.

You don't set price for private business .
All you do is give them favorable incentives and conducive environment.
The root of tinubu's problem is the grabbing of power.

Clowns.
This is tantamount to fixing the price of cement and thus to a socialist economy when we proffer to be operating a market based one.
So you going to fix the price of bread too,what of rice,beans,garri,flour,iron rod, granite,sand?
When you don't have capacity,no matter the level of propaganda and lies,you don't have it.
Emilokan,Emilokan,here we are!

That is double the old price
Have salaries been doubled?

Typical apc strategy.

Totally destroy something. Then they take a couple of pieces of what they destroyed, glue them together and parade it around like an achievement.