The big three cement producers in Nigeria has reached an agreement with the Federal Government of Nigeria to supply cement at discounted prices.
The disclosure was made by the Senior Special Assistant, Media & Publicity to the Vice President, Mr. Laolu Akande, in an interview with Nairametrics.
Mr. Akande made statements referring to the cement pricing agreement when responding to a question about the National Housing Programme by the Ministry of Works & Housing.
He stated that the FG had discussed with the three big cement companies, Dangote, Lafarge and BUA to supply cement at a discounted rate and they have agreed.
As at December 2021, a 50g bag of cement was going at a retail price between N3,500 to N4,600 depending on the location.
Cement prices had risen in preceding years as a result of inflationary pressures, as well as, rising cost of materials, rising prices of gas, and, cost of distribution, from around N3,200 in January 2021 to around N4,600 in December 2021, representing a price appreciation of 44%.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur