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Cement to sell at on N7, 000, N8, 000 as FG, manufacturers agree

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By Francesca Hangeior

The Federal Government and cement manufacturers have agreed on a N7, 000 to N8, 000 per 50 kg bag price of cement to halt the astronomical rise in the price of the product.

This agreement was part of a deal struck after several hours of meeting held behind closed doors at the headquarters of the Ministry of Works, between the Federal Government and cement manufacturers, in Abuja, on Monday.

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The manufacturers tentatively agreed to sell a 50kg bag of cement at a retail price between N7, 000 and N8, 000, depending on location nationwide,

They however put a caveat that the price drop from the current market price would largely depend on government fulfilling its promised interventions in certain areas of concern to ameliorate critical challenges faced in the industry.

Retail price for cement jumped from N5,000 to N10,000 within one week in the open market, after wholesalers citing increasing cost of transportation and other variables, made adjustments to the price they sell to retailers.

Retailers in turn transferred the additional cost burden to consumers to stay afloat.

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This prompted President Bola Tinubu to order the Ministers of Works, David Umahi and his Trade and Investment counterpart, Dr. Doris Uzoka-Anite. to meet with Cement manufacturers to find a solution to the crisis.

Umahi, had while calling for the meeting expressed the Federal Government’s concern over the development adding that if the situation wasn’t brought under control, it had the potential of hurting the prosperity agenda of rhe current administration .

After the meeting, Umahi read out a communique in which he mentioned concerns raised by the manufacturers.

These concerns include: bad roads, smuggling, high cost of energy, and the Forex crisis. This according to the manufacturers were the primary reasons behind the price hike.

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He also said the manufacturers expressed willingness to reduce the prices going forward. Manufacturers at the meeting include: Dangote Cement PLC, BuA Cement PLC, Larfarge Africa PLC and Cement Producers Association.

Representatives of the federal government include the Minister of Works and his counterpart in the Ministry of Industry, Trade and Investment,

While reading the communique, Umahi said: “The meeting noted the challenges of the manufacturers like: cost of gas; high import duty on spare parts; bad road network; high foreign exchange; and smuggling of cement to neighbouring nations.

“The government noted the challenges and reacted as follows: Federal Ministry of Industry, Trade and Investment to seek some remedies from Mr. President on cost of gas and import duties.”

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SAD! Boat ferrying Over 200 Passengers Capsizes In Niger State, Claims Many Lives

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A boat ferrying over 200 passengers capsized early Friday morning along the Dambo-Ebuchi stretch of River Niger in Niger State, resulting in several fatalities.

Eyewitnesses reported that the vessel, owned by one Musa Dangana, was en route to the Katcha weekly market, transporting a mix of market women, farm laborers, and other passengers.

The boat overturned, throwing everyone on board into the river.

As of the latest updates, local rescue teams have recovered eight bodies, with ongoing search efforts aimed at finding the remaining missing individuals.

This incident follows a similar tragedy just two months ago on October 1, when another boat capsized on the Muwo Gbajibo River in the Mokwa Local Government Area, also claiming numerous lives.

Reports suggest that none of the passengers were wearing life jackets, which may have contributed to the severity of the tragedy.

Authorities have yet to release an official statement, but investigations into the cause of the capsizing are expected to begin soon.

Rescue operations continue, and local authorities are urging increased safety measures to prevent future accidents on the river.

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SEE FULL LIST of Tinubu’s latest seven appointments

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President Tinubu has made seven new appointments.

President Bola Tinubu has appointed four individuals to join the Police Service Commission (PSC).

This Nigeria news platform understands that President Tinubu has now forwarded their names to the Senate for approval.

The nominees are Buba Ringim (rtd), a former Deputy Inspector General of Police; retired Justice Adamu Paul Galumje; Christine Ladi Dabup; and Abdulfatah Muhammed.

The President’s request, communicated by Senate President Godswill Akpabio, seeks confirmation under Section 154(1) of Nigeria’s 1999 Constitution.

In another separate request, the President nominated three individuals for the Governing Board of the Code of Conduct Bureau (CCB).

The nominees include Fatai Ibikunle, Kennedy Ikpeme, and Justice Ibrahim Buba. This request also aligns with the constitutional provisions outlined in Section 154(1) and the Third Schedule of Nigeria’s Constitution.

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Just in: NNPCL announces PH Refinery petrol price at N1,030 per litre

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The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has confirmed that petrol from the PortHarcourt refinery will be sold at N1,030 per litre, as disclosed by the Nigerian National Petroleum Company Limited (NNPCL).

In a statement released on Thursday night, PETROAN’s spokesman, Joseph Obele, stated that the NNPCL officially communicated the pricing to the association.

However, in a statement on Thursday night, PETROAN mentioned that a portal for product booking has been opened and petrol is being sold at N1,030 per litre.

PETROAN spokesman, Joseph Obele said, “NNPC Retail Ltd has officially announced the PMS price at the Port Harcourt refinery as N1,030 per litre. It was also communicated to PETROAN that the product request portal was open for booking/request.”

Obele further clarified that despite earlier claims of the refinery being non-functional, the plant is currently running at 70% of its capacity.

The refinery’s full capacity, which is 60,000 barrels per day, is expected to increase to 90% soon.

This news comes as part of NNPC’s ongoing efforts to revive its refineries, with plans for the new refinery, which has a capacity of 200,000 barrels per day, to begin production shortly.

Obele emphasized that both refineries, located in the Eleme area of Rivers State, are crucial for the country’s oil production, with PETROAN expressing interest in collaborating with all active refineries in Nigeria.

Additionally, the Senate Committee on Petroleum Resources recently visited the refinery, confirming its functionality and witnessing petroleum trucks being loaded.

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