Cement manufacturers in Nigeria have unanimously agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location across the country.
This was disclosed after a meeting with 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.
The meeting is part of efforts made by the federal government to identify the underlying reasons for the abrupt increase in commodity price with a view towards reducing it.
Manufacturers who attended the meeting also expressed their readiness and willingness to reduce the prices in future as soon as the federal government intervention are fulfilled.
It was gathered that, BUA Industries also disclosed plans to bring 6 million tons of cement into the market to mitigate the surging prices.
The federal government has also declared its intention to encourage the introduction of six new manufacturers.
Recall that the price of cement increased to an all-time high of N15,000 in major cities including some parts of Abuja.