Nigerian cement manufacturers agree to cut prices, respond to federal government intervention

News on February 20: With the intervention of the federal government, Nigerian cement manufacturers agreed to reduce cement prices. Over the weekend, the federal government summoned the management of Dangote Cement, BUA Cement and Lafarge Cement to discuss the recent rise in cement prices. Cement prices have reportedly increased to as high as 15,000 naira ($9.33) per bag from the initial 5,500 naira ($3.42) per bag, causing anxiety among Nigerian property developers and builders. Works Minister Dave Umahi, who convened the meeting, said the government would investigate the plight faced by these cement manufacturers and the gap between ex-factory prices and market prices. At a meeting in Abuja on Monday, cement manufacturers agreed to reduce prices to between 7,000 and 8,000 naira ($4.36 to $4.98) depending on the region. They also said they were prepared to lower prices further in the future if the federal government fulfills its commitments on the issue. Trade and Investment Minister Doris Uzoka-Anite, who was also present at the meeting, told reporters at the end of the meeting in Abuja that efforts were being made to address the underlying issues that led to the sudden rise in prices of the commodity.