The government of Nigeria called for a meeting with all cement makers because the prices of cement in stores are going up astronomically.
The Minister of Works, David Umahi, will lead this meeting. They’re worried about the rising costs, especially because Nigeria makes a lot of cement, but people are paying more for it.
The prices have gone up by about 30%, and this has affected many areas, like Kubwa in the Federal Capital Territory.
A bag of Dangote cement, for example, now costs between N8,600 and N9,600, while BUA sells for between N8,500 and N9,500. This is causing problems for sellers and buyers alike.
The Minister wants to talk to the cement companies to understand why prices are going up so much.
He’s concerned that even though these companies are selling a lot of cement to contractors for building roads and houses, the prices keep going higher.
The meeting will include big cement companies like Dangote, BUA, and Larfarge. It will happen in Abuja at the Federal Ministry of Works.
The Minister hopes they can figure out why prices are rising and find a solution together.
“It is common knowledge that the manufacturers have their challenges, which we shall look into, but from our findings, the disparity between ex-factory price and the market price is wide.”
“We therefore need to look into the situation and other issues with a view to finding a common front.”
