Cement manufacturers in Nigeria have agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location nationwide.
This agreement was reached at a meeting called by the Minister of Works Senator David Umahi on Monday in Abuja Between the Federal Government and the manufacturers.
Also in attendance at the meeting was the Minister of Industry, Trade, and Investment Doris Uzoka-Anite.
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Mrs. Uzoka-Anite says efforts are being made to tackle the underlying reasons for the abrupt increase in commodity prices.
The retail price for cement jumped from N5,000 to N10,000 within one week in the open market after wholesalers, citing increasing cost of transportation and other variables, made adjustments to the price they sell to retailers.
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