In a bid to tackle the soaring prices of cement across the nation, the Federal Government vows to prioritise road repairs and explore solutions to gas costs and import duties.
Following a high-level meeting in Abuja between government officials and major cement manufacturers, including Dangote Plc, BUA Plc, and Lafarge Plc, crucial decisions were made to address the ongoing challenges plaguing the cement industry.
The Federal Ministry of Works commits to intensifying efforts in repairing roads, particularly in areas proximate to cement manufacturing facilities.
The Federal Ministry of Industry, Trade and Investment pledges to engage with President Bola Tinubu to address concerns regarding gas costs and import duties.
Combatting Cement Smuggling:
Collaboration between the Federal Ministry of Industry, Trade and Investment and the National Security Adviser will be strengthened to curtail the smuggling of cement to neighbouring countries.
Cement manufacturers, including Dangote Cement Plc, BUA Cement Plc, and Lafarge Africa Plc, agree to maintain retail prices between ₦7,000.00 and ₦8,000.00 per 50kg bag, contingent on location.
Moreover, a price monitoring mechanism will be established to ensure adherence, with sanctions imposed on non-compliant distributors or retailers.
To foster competition and increase accessibility, the stakeholders advocate for the introduction of six additional players into the cement manufacturing sector.
In a significant move, BUA Cement Plc announces plans to release 6 million tonnes of cement within the next three weeks, further enhancing product availability nationwide.
The parties involved commit to reconvene in 30 days to assess progress and address any outstanding issues, underscoring a collective determination to stabilise the cement market and alleviate the financial burden on consumers.
