Why cement manufacturers need to lower prices immediately – FG

The Federal Government has urged cement manufacturers nationwide to cut prices immediately, arguing that the current cost of cement is straining ongoing infrastructure projects and prompting requests for contract variations.

Minister of Works David Umahi made the appeal while delivering a keynote address at an event in Lagos State on Sunday.

Addressing industry leaders, investors and stakeholders, the Minister said the government would engage with cement manufacturers from July 1 to tackle the pricing issue.

“We shall be engaging on this from First of July. Manufacturers of Cement must reduce their prices because the contractors are choking me to review their contracts,” Umahi said. “But nobody is reviewing anybody’s contract. It’s the manufacturers of cement that should review their costs.”

The Minister urged manufacturers to expand their capacity, noting that demand has risen sharply due to ongoing construction.

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