The Federal Government and Cement Manufacturers have agreed on a 7,000 to 8,000 naira per 50 kilogram bag of cement depending on location, to stop the rise in the price of the product.

This agreement was part of a deal struck after several hours of meetings held behind closed doors at the Headquarters of the Ministry of Works, between the Federal Government and cement manufacturers, in Abuja.

They, however, put a warning that the price drop from the current market price would largely depend on the government fulfilling its promised interventions in certain areas of concern to improve critical challenges faced in the industry.

The federal government delegation at the meeting was led by Minister of Works, DAVID UMAHI and his Trade and Investment counterpart, DORIS UZOKA-ANITE.   

After the meeting, UMAHI read out a communique in which he mentioned concerns raised by the manufacturers.

These concerns include bad roads, smuggling, high cost of energy, and the Forex crisis. 

The manufacturers said these were the primary reasons behind the price hike.