He said, “The meeting discussed extensively the current prices of cement vis a vis the challenges from the manufacturers. They talked about their challenges ranging from the high cost of gas, high import duties from their spare parts, bad road network and of course the high FX rate.
“They also talked about the issue of cement across our borders and how it is creating scarcity and high increase. We agreed that the trade ministry will seek some remedies from the president on the high cost of gas and the issue of import duties and fixing of the roads within the distribution corridors.
“The cement manufacturer has noted and the government that the present high cost of cement in the market is very much abnormal in some locations nationwide. Ideally, they noted that cement price, and retail price to a consumer should not cost more than between N7,000 to N8,000 per 50 kg bag of cement.
“Therefore, the government and the cement manufacturers, which are Dangote Plc, BUA Plc and Lafarge Plc have agreed to have their cement price nationwide between N7,000 to N8,000 naira per 50 kg pack of cement, depending on the locations, which means that this price depends on the locations. Going forward, the government advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today and manufacturers have willingly accepted to do that and sanction any of their distributors or retailers found wanting.”
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