The Federal Government has announced plans to begin formal discussions with cement manufacturers on July 1 over the increasing cost of cement across the country.
The Minister of Works, David Umahi, disclosed this during the unveiling of Lafarge’s new corporate identity, now rebranded as HBM under the HUAXIN Group, held at the Lagos Continental Hotel.
According to a statement issued by his media aide, Francis Nwaze, in Abuja on Monday, Umahi expressed concern that the persistent rise in cement prices is placing significant strain on ongoing federal infrastructure projects and forcing contractors to demand upward contract reviews.
The minister stressed that the government would not approve such adjustments, insisting instead that cement producers should take responsibility for moderating prices.
“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 was quoted as saying.
He added that contractors were under pressure due to escalating material costs, noting that “nobody is reviewing anybody’s contract” and urging manufacturers to adjust their pricing structures.
Umahi also highlighted that President Bola Ahmed Tinubu’s administration is investing heavily in nationwide infrastructure development, creating expanded opportunities for investors and producers in the construction sector.
He called on HBM and other industry players, including Lafarge Africa and partners under the HUAXIN Group, to scale up production capacity in response to growing national demand.
Commending the company’s rebranding and continued investment in Nigeria, the minister assured the industry of government support while emphasizing the need for cooperation to stabilize the cement market.
“The market is smaller than the President’s efforts. So, enlarge your coast,” he added.
Umahi further referenced key infrastructure projects under the Renewed Hope Agenda, including the Lagos-Calabar Coastal Highway, describing them as evidence of the administration’s ambitious development drive.
He said international observers, including financial institutions, had assessed the projects positively, reinforcing confidence in Nigeria’s infrastructure direction.
The minister concluded by reaffirming the Federal Government’s commitment to economic growth and infrastructure expansion, urging stakeholders to align with the national development agenda.
READ ALSO:
- Nigerian Man Jailed 44 Weeks for Masturbating in Front of Woman on UK Train.
- Wike Has Tinubu’s Backing For Rainbow Coalition
- NDLEA seizes N3.4bn worth of drugs, arrests fake police officer, others
- Akpabio prays in Italy for peaceful 2027 polls, end to banditry and terrorism
- Catholic Bishops Reject Foreign Aid Regulation Bill
