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Prominent cement manufacturers have reportedly been invited to a meeting regarding the escalating cost of the product, according to Minister of Works David Umahi.
Naija News reports that he voiced concern that cement producers were not receiving enough business from road and housing construction, and that the price of the commodity was increasing at an absurd rate. The meeting is scheduled for Monday, February 19, 2024, at the Ministry’s Conference Hall in Mabushi, Abuja, according to a statement released on Saturday by Orji Uchenna Orji, the Minister’s Special Adviser for Media. The statement detailed that “The Minister of Works, David Umahi, has summoned an urgent meeting of all cement manufacturers in Nigeria.” It stated that BUA Plc, Larfarge, Dangote Plc, and other entities were invited to the curcial meeting. The minister acknowledged that manufacturers had difficulties and promised to investigate. He, however, lamented that the gap between the ex-factory price and the market price is enormous. He said that for them to develop a common front, they needed to investigate the situation and other issues. Naija News had earlier reported that the Nigeria’s Minister of Housing and Urban Development Ahmed Dangiwa, in a proactive move to address the escalating cost of cement and other building materials, convened a strategic meeting with manufacturers within the industry. This was outlined in a statement by his special adviser on media, Mark Chiese, on Thursday. The meeting aims to delve into the challenges facing the sector, with a focus on devising strategies to curb the rising prices and facilitate the provision of affordable housing across the country. The minister expressed concern over the soaring costs of building materials, which have seen a dramatic increase despite Nigeria’s rich deposits of raw materials necessary for production. A recent survey along the airport road indicated that the price for a 50kg bag of cement has surged to N9,000, marking a 38.8 percent increase from its previous rate of N5,500 just a week earlier.
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