In a significant development, the Federal Government of Nigeria and cement manufacturers have successfully negotiated a deal to address the rising costs of cement in the country. The collaborative effort, marked by extensive closed-door meetings, resulted in manufacturers tentatively agreeing to a retail price range of N7,000 to N8,000 for a 50kg bag of cement, depending on geographical locations across the nation.
The breakthrough came after prolonged discussions involving key stakeholders, including the Honorable Minister of Works, Engr. Nweze David Umahi, and the Honorable Minister of Trade and Investment, Dr. Doris Uzoka-Anite. Representatives from major companies such as Dangote Group and BUA Group also played a pivotal role in the negotiations.
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The Minister of Works, David Umahi, shared the outcomes of the meeting during a press briefing held in Abuja on Monday. He revealed that while the manufacturers have expressed their willingness to adjust prices, the extent of the reduction from the current market rates hinges on the fulfillment of specific government interventions. These interventions are aimed at addressing critical challenges faced by the cement industry.
The agreement signifies a collaborative effort to stabilize the market and make cement more affordable for consumers. However, manufacturers emphasized the need for government support in mitigating industry challenges, thereby justifying the proposed price adjustments.
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It is important to note that the agreed-upon price range is subject to change based on the government’s actions to address the identified industry challenges. The manufacturers have placed a caveat, highlighting the dependency of the price drop on the successful implementation of these interventions.
As the news circulates, stakeholders and consumers will be keenly observing how swiftly and effectively the government implements the promised interventions to bring about the desired changes in the cement industry.
Source: Vanguard News
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