Tinubu crashes price of cement, orders companies to start selling at old prices

President Bola Ahmed Tinubu has directed cement companies in Nigeria to revert to old prices amid the hike in the cost of the commodity. This directive was disclosed by David Umahi, the Minister of Works, during his visit to the BUA cement factory in Sokoto State on Thursday.

Umahi reiterated President Tinubu’s stance, stating, “Mr President insisted that they should go back to the status quo as far as this cement price is concerned for the common man.” He further urged the cement companies to comply with the directive, emphasizing its importance in achieving “a massive housing programme and the renewed hope agenda of concrete roads by the President.”

The recent surge in cement prices, with bags now selling for N10,000 to N15,000 in Abuja, prompted the government’s intervention. Umahi’s statement underscores the government’s commitment to ensuring affordability for essential construction materials.

In response to the escalating costs, the Nigerian government had previously warned of potential measures, with the Minister of Housing and Urban Development, Ahmed Dangiwa, threatening to open the border for cement importation if manufacturers failed to reduce prices.