FG Urges Cement Manufacturers to Cut Prices Amid Economic Stability

The Federal Government has called on cement producers to reduce their prices to N7,000, citing an improved economic climate.

This appeal was made by the Minister of Works, Senator Engr. Nweze David Umahi, during a meeting at the ministry’s headquarters in Abuja on February 26, 2025, as stated on the ministry’s official website.

According to Umahi, the naira has stabilized at approximately N1,400 per dollar, and fuel prices have declined, creating favorable conditions for a reduction in cement costs. He criticized the current market price of N9,500, emphasizing that manufacturers had raised prices when the exchange rate neared N2,000 per dollar but have yet to make downward adjustments despite the naira's recovery.

"The exchange rate has improved significantly, with the dollar now around N1,400. I must express my dissatisfaction with the high cost of cement.

"When the exchange rate was nearly N2,000 per dollar, manufacturers raised the price of cement from N7,500. Now that the President has stabilized the naira and the rate is even declining, why should cement still be selling at N9,500? We are urging cement manufacturers to adjust their prices to N7,000," Umahi stated.

He emphasized that lowering cement prices is crucial for the development of Continuously Reinforced Concrete Pavements and the completion of major infrastructure projects.

Umahi further disclosed that some contractors were considering switching back to asphalt due to the high cost of cement. He warned that if manufacturers did not reduce prices within a week, he would escalate the issue to President Bola Tinubu.