David Umahi, Nigeria’s Minister of Works, has initiated urgent discussions with leading cement manufacturers in response to the unprecedented surge in cement prices. The cost of cement has soared from approximately N4,000 to a staggering N8,000 to N10,000 per bag within a few weeks, prompting widespread concern and necessitating immediate action.
Summoning key industry players such as Dangote, BUA, and Lafarge, Minister Umahi aims to address the alarming disparity between the ex-factory price and the market price of cement. Orji Uchenna Orji, the minister’s media aide, emphasized Umahi’s determination to tackle this pressing issue, citing the significant impact on road and housing construction projects nationwide.
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Expressing concern over the widening gap between production costs and retail prices, Minister Umahi stressed the urgency of finding solutions to stabilize the market. He underscored the need for collaboration among stakeholders to identify challenges and explore strategies to ensure the affordability and accessibility of cement for all sectors of the economy.
In parallel, Chief Sunny Onuesoke, a prominent figure in the Peoples Democratic Party (PDP), has condemned the exorbitant hike in cement prices, warning of its detrimental effects on housing and infrastructure development. Onuesoke urged builders to halt ongoing projects until prices normalize, highlighting the dire consequences of unaffordable building materials on Nigerian families.
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Addressing journalists at an economic conference in Lagos, Onuesoke lamented the escalating costs of essential commodities like cement, which threaten to exacerbate socioeconomic disparities across the nation. He called on the Federal Government to intervene decisively, advocating for price regulation and measures to stimulate local production and entrepreneurship in the cement industry.
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The urgency of the situation is underscored by reports of cement prices reaching as high as N15,000 per bag in some regions, posing significant challenges to construction projects and economic growth. As stakeholders convene to address these concerns, the outcome of the summit holds implications for Nigeria’s development trajectory and the well-being of its citizens.
