FG has ordered Dangote and Bua to cut cement prices amid alleged improved economic conditions.
NewsOnline Nigeria reports that President Bola Tinubu’s Federal Government has urged cement manufacturers to lower prices to N7,000, citing improved economic conditions.
According to a statement on the ministry’s website, the Minister of Works, Sen. Engr. Nweze David Umahi made this call during a meeting at the Ministry’s headquarters in Abuja on February 26, 2025.
Umahi noted that the naira has stabilized at about N1,400 per dollar, and petrol prices have dropped, creating a conducive environment for reduced cement costs.
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He criticized the current price of N9,500, pointing out that manufacturers increased prices when the dollar was nearly N2,000 but have not adjusted them despite the naira’s recovery.
“Today, a dollar is about N1,400. And let me use the opportunity to express dissatisfaction with the cost of cement.
“We are using this medium to tell the cement manufacturers that at the time, the dollar was almost N2,000, they increased cement from N7,500. Why should today when the President has brought the dollar to stability to about N1400, and is still going down, why should cement be selling for N9,500? We are requesting cement manufacturers to bring down the cost of cement to N7,000,” Umahi stated.
The Works Minister stressed that affordable cement is vital for constructing Continuously Reinforced Concrete Pavements and completing key infrastructure projects.
He revealed that some contractors are considering a switch back to asphalt due to high cement costs. Umahi warned that if prices were not reduced within a week, he would escalate the matter to President Bola Tinubu.
