BREAKING: Respite for Nigerians as Dangote, BUA and other cement manufacturers agree to drop price to N7000

Dangote Group, BUA Group and other ement manufacturers have agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location nationwide.

This was agreed during a meeting initiated by the Minister of Works, David Umahi, and attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19, efforts were made to identify the underlying reasons for the abrupt increase in commodity prices.

The manufacturers present also expressed their readiness to willingness to bring down the prices in future as soon as the federal government intervention are fulfilled.

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BUA Industries also disclosed plans to bring 6 million tons of cement into the market to mitigate the surging prices.

The federal government has also declared its intention to encourage the introduction of six new manufacturers.

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Recall that last week, reports had it that the product surged to between N10,000 and N15,000 per bag in Abuja in the face of current economic crisis in the country.

Meanwhile, Minister of Housing and Urban Development, Arc. Musa Dangiwa, had a few days ago decried the astronomical rise in the price of cement and other building materials across the country.

He said the price hike was unacceptable and insisted the fluctuation in the exchange rate of the dollar could not be blamed for the present scenario in that sector.

This report is developing, more details will be shared on the Intel Region WhatsApp group as soon as possible.

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