Breaking: Federal Government To Slash Cement Prices in Nigeria | Check Post for Detailed Updates

In a significant turn of events geared towards easing the financial burden on consumers, the Nigerian government, in collaboration with major cement manufacturers, has taken decisive actions to address the escalating prices of cement across the nation. Minister of Housing and Urban Development, Ahmed Dangiwa, issued a strong caution to industry leaders, including Dangote, BUA, and Lafarge, threatening to permit substantial importation if they fail to lower prices.

Following a crucial meeting between government officials and representatives from the cement industry, an agreement was reached on Monday. Major industry players committed to capping the price of a bag of cement between N7,000 and N8,000. This development comes amidst a notable surge in cement prices, reaching approximately N13,000 in various parts of Nigeria, further aggravating the existing cost-of-living crisis. CONTINUE READING.....

Minister Dangiwa expressed his apprehensions regarding the soaring prices of essential building materials, emphasizing the adverse impact on housing delivery. He reminded manufacturers of the government's supportive measures, which included a suspension of cement importation to bolster local production and ensure affordability. However, he cautioned that the government might resort to allowing mass importation if prices persist at elevated levels.

While acknowledging the challenges faced by manufacturers, such as the high cost of gas and manufacturing equipment, Minister Dangiwa insisted that these reasons were insufficient to justify the drastic surge in prices. He urged manufacturers to influence wholesalers and retailers to adopt fixed prices, expressing dissatisfaction with the Cement Manufacturer Association of Nigeria's stance on non-interference in pricing. CONTINUE READING.....

The minister underscored the need for the association to play an active role in monitoring price control, stating that discrepancies in pricing among retailers needed prompt attention. In response, the Executive Secretary of CEMAN, Salako James, identified challenges in gas supply and distribution channels, appealing for government intervention to stabilize the situation.

As a result of the discussions, the minister directed the formation of a committee to review the situation and propose implementable resolutions beneficial to the average Nigerian. This marks a positive step towards striking a balance between industry interests and consumer affordability.

Source

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