Victor EzejaNigeria’s Minister of Works, Engr David Umahi, has called for an urgent meeting with cement manufacturers in the country to address the continuous rise in prices of cement in recent times.
According to a statement released by by Edward Uchenna Orji, Special Adviser to the Minister on Media, the meeting will take place today, Monday,19 February 2024, at the Federal Ministry of Works, Mabushi-Abuja, at 1 pm.
READ ALSO: How BUA Cement Price Rose 150% In 4 Weeks, Mgt Jerks Up Staff Salary By 50%
The statement read: “Worried by the escalating cost of cement despite huge patronage by road and housing contractors to cement manufacturers, the Honourable Minister of Works, His Excellency Sen Engr Nweze David Umahi CON, has summoned an urgent meeting of all cement manufacturers in Nigeria.’’
It said challenges faced by manufacturers would be put into consideration and find a common ground in terms of prices taht will not hurt both the customers and manufacturers.
“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.” Umahi said,” Orji stated.
Those invited to the meeting include Dangote Plc, BUA Plc, Larfarge and other manufacturers.
From ₦5,500 in December 2023, the price of a 50kg bag of cement has jumped to about ₦14,000 in February 2024 raising concerns about the impact on building and construction/real estate sector in the country.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
