Federal Government and major cement manufacturers have pegged the price of 50kg bag of cement at between 7,000 naira and 8,000 naira depending on the location nationwide.

David Umahi made this known to newsmen after a protracted meeting with major cement manufacturers in the country on Monday in Abuja.

The Cement Manufacturers came to an agreement to sell a 50kg bag of cement at a retail price of between 7,000 and 8,000 naira, depending on the location.

However, the manufacturers stated that the price drop from the current market price would depend on the fulfilment of certain government intervention to ameliorate critical challenges faced in the industry.

The meeting was against the backdrop of the astronomical increase in the price of the commodity to about 13,000 naira in several retail stores in the Federal Capital Territory, Enugu and other parts of the country.

The meeting, called by President Bola Tinubu, to find a lasting solution to the unreasonable increase, had Umahi lamenting that the price was abnormal and detrimental to economic prosperity sought after by the current administration.

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