The Federal Government and Cement Manufacturers have agreed on a N7,000 to N8,000 per 50 kg bag of cement to halt the astronomical rise in the price of the product.
This agreement was part of a deal struck after several hours of meeting held behind closed doors at the Headquarters of the Ministry of Works, between the Federal Government and cement manufacturers , in Abuja, on Monday.
The manufacturers tentatively agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location nationwide,
They however put a caveat 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 ameliorate critical challenges faced in the industry.
Retail prices for cement jumped from N5,000 to N10,000 within one week in the open market, after wholesalers citing increasing cost of transportation and other variables, made adjustments to the price they sell to retailers.
Retailers in turn transferred the additional cost burden to consumers to stay afloat.
