Nigerian Government Reaches Agreement With Cement Manufacturers Over Retail Prices
The Federal Government of Nigeria secured a deal with major cement producers to reduce retail prices to between N7,000 and N8,000 per 50kg bag, effective immediately.
The Federal Government of Nigeria, represented by the Ministers of Works and Industry, Trade, and Investment, recently convened a meeting with leading cement manufacturers—BUA Cement Plc, Dangote Cement Plc, and Lafarge Africa Plc—in Abuja.
Following nearly three hours of discussions, the parties agreed to cap the national retail price of cement within the range of N7,000 to N8,000 per 50kg bag, varying based on specific locations. This decision comes amid concerns over surges in operating costs, import duties, fuel expenses, poor infrastructure, and currency fluctuations, which had previously driven up the price of cement significantly.
The agreement includes a commitment from the cement manufacturers to maintain the new pricing structure throughout their distribution channels and a pledge from the government to support the emergence of at least six new cement manufacturers to bolster competition and address potential supply shortages.
Source: TheNigeriaLawyer
