President Bola Tinubu has directed cement companies in Nigeria to reverse the recent hike in the price of cement.
This was disclosed by the Minister of Works, Senator David Umahi, on Thursday shortly after inspecting BUA cement factory in Sokoto State.
According to the minister, the new presidential order is mandating all cement manufacturing companies to maintain the previous price of the commodity to ease the economic hardships Nigerians are experiencing.
“I want to encourage them to abide by the directive of Mr. President so that we can achieve massive housing programme and the renewed hope agenda of concrete roads of by the President,” he was quoted by Daily Trust.
He continued: “When the chairman of the company visited Mr President last week, he assured that the 5th line will soon commence operation and with my visit here, I can confirm the 5th line, though waiting to be commissioned has already commenced operation.”
He however commended the management of the company for ensuring cleanliness within the entire premises of the company.
Accompanied by the Senate committee chairman on housing, Senator Aminu Tambuwal, the Minister said the federal government was embarking on 372 kilometres of road, dual carriageway from Zaria to Sokoto State.
“I am here to see things for myself, as you are aware, the federal government is currently embarking on 372 dual kilometers of road of which the first phase will be done with Asphalt, while the step down will be done with concrete.
“If you calculate the 372 kilometers, because it is dual carriage way into two will give us total of 744 kilometers.
“The second 372 kilometers will be conducted with pure concrete in line with the renewed hope agenda of Mr President.”
A market survey done by SaharaReporters earlier this month revealed that cement was sold between N8,500 to N9,200 nationwide.
In Ibadan, Oyo State capital, the price is N9000. In Sokoto, BUA cement is sold for N8,650 and Dangote is N9200.
In Ilorin, the price of BUA cement is N8,700 and Dangote is N9,000.
SaharaReporters also reported last week that cement manufacturers spelt out the conditions that the Nigerian government must fulfil before reducing a 50kg bag of cement to N7,000 and N8,000 at a retail price.
The manufacturers claimed that the price drop from the current market price would depend on the fulfilment of certain government interventions to ameliorate critical challenges faced in the industry.
Reacting, Umahi decried the present price , claiming that it was abnormal and destructive to the economic development envisioned by the current administration.
The minister added that various challenges, such as smuggling, terrible roads, high energy costs, and the Forex crisis, contributed to the high pricing, but emphasised that manufacturers have shown their willingness to reduce prices in the future.