FG summons Dangote, BUA, others over cement price hike

The Federal Government has called for an urgent meeting with all cement manufacturers in Nigeria to address the surging price of cement in the country.

This was made known in a statement issued by Edward Uchenna Orji, the Special Adviser to the Minister of Works, David Umahi, on Saturday, February 17, 2024.

Orji noted that Umahi will preside over the meeting.

The meeting, scheduled to take place at the Federal Ministry of Works in Abuja, aims to address the widening gap between ex-factory prices and market prices. Participants will include Dangote Plc, BUA Plc, Lafarge, and other manufacturers.

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Umahi, who expressed concern over the escalating cost of cement despite significant patronage by road and housing contractors, stressed the need to explore the root causes of the price disparity and other related issues to find a collaborative solution

The development is coming over the recent increases in the cost of cement and associated products by distributors nationwide.

Nigeria, being one of the largest producers of cement in Africa, has witnessed a steady rise in cement prices, particularly this year.

In Abuja, a 50-kilogram bag of Dangote Cement now ranges between N8,600 and N9,600, while BUA sells for between N8,500 and N9,500.

Concerns have been raised by retailers over manufacturers increasing depot prices, further contributing to the hike in retail prices.

The Star