The Federal Government has urged cement manufacturers to reduce prices to N7,000, citing improved economic conditions. This call was made by Minister of Works, Sen. Engr. Nweze David Umahi, during a meeting in Abuja on Wednesday.
Umahi pointed out that the naira has stabilized at around N1,400 per dollar, and petrol prices have fallen, creating a favorable environment for lower cement prices.
He criticized the current price of N9,500, noting that manufacturers had raised prices when the dollar was nearly N2,000 but have not reduced them despite the naira’s recovery.
“While the dollar was at N2,000, cement prices rose from N7,500. Now that the dollar has stabilized at about N1,400, cement prices should not remain at N9,500. We are requesting manufacturers to reduce the price to N7,000,” Umahi stated.
Umahi emphasized that affordable cement is vital for the construction of critical infrastructure projects. He revealed that some contractors are considering switching to asphalt due to high cement costs. If prices are not reduced within a week, Umahi threatened to escalate the issue to President Bola Tinubu.
Naija Daily News recalls that this is not the first time government officials have criticized the high cost of cement. In February 2024, Musa Dangiwa, the Minister of Housing and Urban Development, expressed concerns that manufacturers were exploiting foreign exchange fluctuations to justify significant price hikes.
He noted that prices had increased by over 100%, from N5,500 to over N10,000, and warned that high cement prices were endangering affordable housing initiatives.
