FG fixes cement price, gives Dangote, BUA and other manufacturers deadline to comply

 The Minister of Works, Dave Umahi, has asked cement manufacturers to lower the cost of the product to N7,000 per 50kg bag or be reported to President Bola Tinubu.

The minister explained his request, stressing that the exchange rate had stabilised and petrol costs were also crashing, with plans to fix major roads in the country.

Umahi gives reason for new cement price

The Sun reports that Umahi said contractors have complained that they wanted to revert to asphalt in road construction due to the high cement costs.

He said when the exchange was N2,000 to a dollar, cement manufacturers raised the price to N7,500, asking why the product would still be selling at N9,500 per 50kg bag.

FG threatens cement manufacturers

He asked them to lower the price within seven days, or he would officially report them to the President.

The minister also commented on the construction of the Enugu-Onitsha dual carriageway, saying the project must be completed by May 10, 2025.

Umahi disclosed that MTN, the project’s funder, would be held liable if the construction fails.

The ultimatum comes amid plans by foreign cement firms to set up operations in Nigeria.