FG Takes Steps To Lower Cement Prices

Umahi made the disclosure during the unveiling of Lafarge’s new corporate identity, HBM, a member of the HUAXIN Group, held at the Lagos Continental Hotel. The statement was contained in a release issued on Monday by his media aide, Francis Nwaze.

The minister expressed concern that the rising price of cement is already impacting ongoing infrastructure projects nationwide, forcing contractors to demand contract variations.

He maintained that manufacturers must take responsibility for the price increase, insisting that government would not approve any upward review of contracts.

“I want to insist that Lafarge, now HBM, and other manufacturers of cement should reduce their prices. We shall be engaging on this from the first of July,” Umahi stated.

“Manufacturers of cement must reduce their prices because the contractors are choking me to review their contracts. But nobody is reviewing anybody’s contract. It’s the manufacturers of cement that should review their costs,” he added.

Umahi further noted that the administration of President Bola Tinubu is heavily investing in critical infrastructure across the country, describing it as a major opportunity for manufacturers and investors.

He urged cement producers, including HBM and others, to expand production capacity in order to meet increasing national demand.

“I commend you very highly, and I say welcome on board, and we are going to work together. The market is smaller than the president’s efforts. So, enlarge your coast,” he said.

The minister also referenced the Lagos-Calabar Coastal Highway as evidence of the government’s ongoing infrastructure drive under the Renewed Hope Agenda, stating that international observers have commended the project’s quality and scope.

Umahi concluded by commending President Tinubu’s leadership, describing the administration’s infrastructure vision as achievable and already in progress.