David Umahi, the Minister of Works, has called a meeting with cement producers due to the surging prices of the commodity.
Cement prices have been fluctuating between N8,000 and N10,000 per bag, rising from around N4,000 just a few weeks prior.
Manufacturers like Dangote, BUA, and Lafarge have been summoned by the Ministry of Works.
Orji Uchenna Orji, the minister’s press representative, stated: “Concerned by the soaring cost of cement despite significant purchases by road and housing contractors from cement companies, the esteemed Minister of Works, His Excellency Sen Engr Nweze David Umahi CON, has convened an emergency gathering of all cement producers in Nigeria.”
Orji relayed his superior’s concern over the significant gap between the factory price and the price in the market.
“The fact that there’s a substantial difference between the factory price and what is observed in the market is well acknowledged,” Umahi reportedly said.
“Therefore, we must examine this matter and other relevant issues to establish a unified approach.”