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Nigeria's Minister of Works, David Umahi, has summoned leading cement manufacturers to a crucial meeting on Monday, February 19th, 2024.
This urgent response comes amidst increasing concerns over the "astronomical rise" in cement prices, despite significant demand from road and housing contractors.
In a statement released on Saturday, the Minister's Special Adviser, Orji Uchenna Orji, confirmed the meeting will include major players like Dangote Plc, BUA Plc, and Lafarge, aiming to address the growing discrepancy between ex-factory prices and market prices.
"We understand the manufacturers face challenges," the Minister was quoted as saying, "but the disparity between what they sell and what consumers pay is too large. We need to find common ground to address this issue."
This development highlights the Nigerian government's growing concern about the rising cost of building materials, potentially impacting crucial infrastructure projects and housing affordability.
The upcoming meeting will be closely watched, with expectations of potential interventions or agreements to stabilize cement prices in the market.
The high cost of cement has become a major concern for various stakeholders in the construction industry.
Contractors struggle with rising project costs, while the government's ambitious infrastructure plans face potential delays due to material affordability.
The Minister's call for a summit reflects the urgency of finding solutions to stabilize cement prices and ensure the smooth progress of construction projects across Nigeria.
The outcome of the meeting remains to be seen, but it is expected to generate significant discussion and potentially lead to new regulations or agreements to address the price issue.
