FG Demands Cement Price Cut To N7,000 As Naira Strengthens
The federal government has called on cement manufacturers to reduce prices to N7,000 per bag, citing the recent stabilization of the naira and declining fuel costs as reasons for a price adjustment.
The demand was made by the Minister of Works, Engr. Nweze David Umahi, during a meeting at the Ministry’s headquarters in Abuja, as stated on the ministry’s official website and seen by THE WHISTLER.
Umahi emphasized that the naira, which had previously weakened to nearly N2,000 per dollar, has now stabilized at about N1,400, while petrol prices have also declined.
He criticized cement manufacturers for maintaining high prices despite these improvements, arguing that their previous price hikes were based on foreign exchange fluctuations that have now eased.
“At the time when the dollar was almost N2,000, cement manufacturers increased prices from N7,500.
Now that the President has brought stability to the naira at about N1,400, why should cement still be selling for N9,500?” Umahi questioned.
He urged manufacturers to reflect the improved economic conditions in their pricing, warning that if no reduction occurs within a week, the issue will be escalated to President Bola Tinubu for further action.
The Works Minister underscored the importance of affordable cement in advancing key infrastructure projects, particularly the construction of Continuously Reinforced Concrete Pavements.
He expressed concern that soaring cement costs could force contractors to revert to using asphalt, potentially slowing down critical developments.
The government’s call for a price reduction highlights its commitment to economic stability and infrastructural growth. Industry stakeholders now await the response of cement manufacturers to this pressing demand.
FG Demands Cement Price Cut To N7,000 As Naira Strengthens is first published on The Whistler Newspaper
