Dangote, BUA, Lafarge, Other Cement Manufacturers Agree On New Price for a Bag

• Cement manufacturers have decided to have a meeting with the federal government regarding the rising cost of cement
• At the meeting, which was attended by the minister of works, David Umahi, the manufacturers explained the reasons for the price increase
• Finally, an agreement was reached to reduce the price, but only after the federal government met its conditions

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

Cement manufacturers have decided to bring down the price of the product to between N7,000 and N8,000 per 50kg.

This was agreed during a meeting initiated by the minister of works, David Umahi, and attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19, 2024.

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The meeting was part of efforts made to identify the underlying reasons for the abrupt increase in commodity prices.

Manufacturers give reasons for cement price increase

At the meeting, the manufacturers present expressed their readiness and willingness to bring down the prices, the Nation reports.

However, they noted that the new prices proposed would be dependent on the fulfilment of the federal government's intervention.

Additionally, BUA Industries disclosed plans to bring 6 million tons of cement into the market to mitigate the surging prices.

Cement producers ask for 30 days

Earlier in a statement, the national chairman of the Cement Producers’ Association of Nigeria (CEPAN), David Iweta, said the association was ready to help the Nigerian government to crash cement prices within 30 days.

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Iweta attributed the continued increase in the product's price to the challenge of demand outweighing supply in the sector.

BUA approves 50% increase in workers' salaries

Legit.ng reported that Abdul Samad Rabiu, the head of BUA Group, approved a 50% rise in staff compensation across his conglomerate in a significant step to prioritise employees' welfare.

The decision was made public through an internal memo from BUA Group's head of human resources, Mohammed Wali.

It followed reports that the price of a 50kg bag of cement rose to about N9,500 in many parts of Lagos and around the country amid the biting effect of inflation in Nigeria.

Source: Legit.ng