FG has ordered Dangote and Bua to lower cement prices in amid alleged improvements in economic conditions.
Nigeria News Nalin The report said that President Bola Tinubu’s federal government urged cement manufacturers to lower cement manufacturers to 7,000 n7,000 on the grounds of improved economic conditions.
According to a statement on the ministry’s website, the minister of engineering, senator engineer. Nweze David Umahi held a telephone call at a meeting held at the Ministry’s headquarters in Abuja on 26 February 2025.
Umahi noted that the Naira is stable at about 1,400 n00 per dollar, and gasoline prices have fallen, creating a favorable environment for reducing cement costs.
He criticized the current N9,500 price, noting that when the dollar was nearly 2,000 n2,000, the manufacturer’s prices rose and although Naira recovered, it has not been adjusted yet.
“Today, one dollar is about N1,400. Let me take this opportunity to express my dissatisfaction with the cost of cement.
“We are using this medium to tell cement manufacturers that at the time, the dollar was nearly 2,000 n2,000 and cement increased from 7,500 n7,500. Why is it going to fall today when the president steadily raised the dollar to about N1,400, and why should cement be sold at N9,500? We asked cement manufacturers to reduce the cost of cement to 7,000 n,000,” Umahi said.
The Engineering Minister stressed that affordable cement is crucial for the continuous construction of concrete sidewalks and the completion of critical infrastructure projects.
He revealed that some contractors are considering turning back asphalt due to high cement costs. Umahi warned that if prices were not lowered within a week, he would escalate the matter to President Bola Tinubu.
