Tinubu and Umahi cement
President Bola Ahmed Tinubu-led administration has called for an urgent meeting with prominent cement manufacturers to discuss the escalating cost of cement.
According to a report from Nairametrics, the price of a 50kg bag of cement in various retail outlets in Lagos has surged to approximately N9,500 as of February 15, 2024.
In January 2024, the price of a 50kg bag of cement ranged from N6,000 to N6,500.
This sudden price escalation has prompted some retailers to halt sales, fearing potential further increases shortly.
However, in a bid to stem the incessant rising cost of cement and other building materials, Minister of Works, David Umahi has revealed that the government will be meeting with prominent cement manufacturers to discuss the situation.
The meeting is scheduled to take place on Monday, February 19, 2024, at the Ministry’s Conference Hall in Mabushi, Abuja. The invited cement manufacturers include Dangote Plc, BUA Plc, Lafarge, and others.
In a statement signed by the Minister’s Special Adviser (Media), Orji Uchenna Orji, Umahi emphasized the need to address the widening disparity between the ex-factory price and the market price of cement.
While acknowledging the challenges faced by manufacturers, the minister aims to explore the issues and find common ground during the meeting.
Part of the statement read: “The Honourable Minister of Works, His Excellency, David Umahi CON, has summoned an urgent meeting of all cement manufacturers in Nigeria.
“Those invited are Dangote Plc, BUA Plc, Larfarge, and others.”
“It is common knowledge that the manufacturers have their challenges, which we shall look into, but from our findings, the disparity between ex-factory price and the market price is wide.
“We therefore need to look into the situation and other issues with a view to finding a common front.”
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