Arc. Musa Dangiwa, the Minister of Housing and Urban Development, voiced concerns over cement manufacturers exploiting fluctuating foreign exchange rates to substantially hike cement prices, exacerbating Nigeria’s economic challenges.
The issue came to the forefront during a meeting convened by Dangiwa with key figures from the cement industry, including representatives from Dangote Industries Limited and Lafarge Cement PLC, as well as the Cement Manufacturers Association of Nigeria (CMAN).
The meeting, held at the Ministry’s headquarters in Abuja, addressed the alarming surge in cement prices, which have risen from N5,500 to over N10,000 in recent months, representing a staggering increase of more than 100%.
Dangiwa criticized the manufacturers for their failure to adequately manage and stabilize prices despite the prevailing economic conditions. He deemed the increase in price as “unacceptable. “
Source: Nairametrics