Big companies like Dangote, BUA, and Lafarge decided to make cement cheaper. They talked about it with the government.
The meeting happened because a lot of people were upset about the price of cement going up a lot. This happened when prices for many things in the country went higher.
The meeting took place in Abuja on Monday, February 19, 2024. The Minister of Works, David Umahi, started it, and the Minister of Industry, Trade, and Investment, Uzoka-Anite, was also there.
Before, a bag of cement could cost between N10,000 to N14,000, depending on the company that made it. Even though the big companies agreed with the government to make cement 50% cheaper, it still costs almost the same as before.
Now, why are cement prices going up? According to David Iweta, who is in charge of the Cement Producers’ Association of Nigeria (CEPAN), it’s because more people want cement than there is available. He says if they talk better with the government, the prices could go down in just 30 days. He also thinks foreign exchange, which is about money from other countries, is making it more expensive.
Here is the current price of cement from various manufacturers:
