Nigeria seeks to lower cement prices

Nigeria seeks to lower cement prices
Published: 01 March 2011

As the price of a 50kg bag of cement reaches an all-time high of N2300 (US$15), the Federal Government of Nigeria has invited cement manufacturers in the country to a meeting with a view to finding means of reducing the price.

Also, the Federal Government has assured Nigerians that the price of cement will fall next week.

At the meeting convened by the Minister of State for Commerce and Industry, Ms Joseph Tapgun, she described as unacceptable, the high price of cement, promising that government would ensure stability of cement price in the market.

The minister told the Cement Manufacturers Association of Nigeria (CMAN), led by its president, Mr Joseph Makoju, that the recent increase in price of cement in the market had caused great concern to the Federal Government, which had prompted the ministry to call a meeting with the cement stakeholders to the product the problem.

She said that Nigerians would experience price stability by next week due to the fact that the Kaduna Refinery had commenced supply of Liquefied Pure Fuel Oil (LPFO) to the manufacturers and with this development, the minister said that cement manufacturers had promised to flood the market with the product.