Breaking: Federal Government Takes Action To Reduce Cement Prices In Nigeria

Umahi made this known 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 issued on Monday by his media aide, Francis Nwaze.

According to the minister, the continuous rise in cement prices is negatively impacting ongoing infrastructure projects and compelling contractors to request contract adjustments.

“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 said.

He stressed that manufacturers, not contractors, should take responsibility for price reductions, adding that the government would not entertain contract reviews caused by rising material costs.

“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 noted that the Tinubu administration is heavily investing in infrastructure nationwide, creating significant opportunities for investors and manufacturers, and urged cement producers to scale up production capacity to meet growing demand.

He encouraged HBM and other industry players to expand operations, stating that the market has grown beyond current supply levels.

“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 infrastructure commitment under the Renewed Hope Agenda.

He recalled that international financiers who assessed the project described it as undervalued and praised its quality, adding that neighbouring countries were showing interest in its construction technology.

Umahi expressed appreciation to President Bola Tinubu for what he described as strong leadership and political will in driving national infrastructure development.

“The President knows what he is doing. The vision and mission are achievable, and we are on course, and this country will be taken back for the good of Nigerians,” he stated.