The Nigerian government has tasked cement manufacturers to immediately reduce the price of cement.
The Minister of Works, David Umahi, who stated this in Lagos, explained that the current cost of the product is placing pressure on ongoing infrastructure projects and increasing demands for contract variations.
Mr Umahi said this while speaking at the official unveiling of the new corporate identity of Lafarge, now rebranded as HBM, a member of the HUAXIN Group, held at the Lagos Continental Hotel.
To this end, the Minister said the Nigerian government would be meeting with cement manufacturers from July 1.
“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. Manufacturers of cement must reduce their prices because the contractors are chocking me to review their contracts. But nobody is reviewing anybody’s contract. It’s the manufacturers of cement that should review their cost,” Umahi said.
The works minister noted the president’s heavy investment in infrastructure and thereby urged HBM and other industry players to expand their capacity to meet the growing demands of the nation’s infrastructure revolution.
He assured HBM of the government’s support.
“I commend you very highly, and I say welcome aboard, and we are going to work together. The market is smaller than what the president is doing. So, enlarge your coast,” he said.
