The price of the product will be brought down to between N7,000 and N8,000 per 50kg depending on the location nationwide.
This was agreed upon by the Cement manufacturers during a meeting with the Minister of Works, David Umahi on Monday.
The meeting was also attended by the Minister of Industry, Trade, and Investment, in Abuja.
According to a report by The Nation, efforts were made during the meeting to identify the underlying reasons for the abrupt increase in commodity prices.
The report noted that manufacturers present also expressed their readiness to willingly bring down the prices in future as soon as the federal government intervention is fulfilled.
Also, BUA Industries was said to have disclosed plans to bring 6 million tons of cement into the market to mitigate the surging prices.
