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Tinubu, Cement manufacturers agree on N7,000 to N8,000 for 50kg per bag

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…to review agreement in 30 days

…manufacturers blame forex crisis, bad roads, smuggling for increase

 

Federal Government of Nigeria and Cement Manufacturers have agreed on a N7,000 to N8,000 per 50 kg bag 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.

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.

 

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.

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.

Reapresentatoves 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.

“Federal Ministry of Works to give more attention to fixing of the roads, especially around the locations of the manufacturers.

 

On the issue of smuggling cement, the Federal Ministry of Industry, Trade and Investment to deepen the already started engagement with the National Security Adviser on how to stop the smuggling.

“The cement manufacturers and the Government noted that the current high price of cement is abnormal in some locations nationwide. Ideally, cement retail prices should not cost more than ₦7,000.00 to ₦8,000.00/ 50kg bag of cement.

“Therefore, the three cement manufacturers: Dangote Cement Plc, BUA Cement Plc and Larfarge Africa Plc have agreed that cement cost will not be more than between ₦7,000.00 and ₦8,000.00/50kg bag depending on the location.

“Going forward, Government advised cement manufacturers to set up a price monitoring mechanism to ensure compliance, and manufacturers have willingly accepted to do so and to sanction any of her distributors or retailers found wanting.

“Government expects the agreed price to drop after securing government’s interventions on the challenges of the manufacturers on gas, import duty, smuggling, and better road network.

“The meeting agreed to reconvene in 30 days to review progress made.”

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Why retailers, marketers dump Dangote Refinery petrol for import – Stakeholders

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Petroleum Products Retailers and marketers have explained why petrol imports have persisted despite the Dangote Refinery and other local refineries’ production capacity.

The President, Petroleum Products Retail Outlet Owners Association and the Chairman, Major Marketers Association of Nigeria, Billy Gillis-Harry and Tunji Oyebanji in an exclusive interview with Ekwutosblog on Monday cited fear of healthy market competition, competitive pricing and inadequate petrol production capacity as reasons for the product’s continued import.

This comes amid the National Bureau of Statistics’ foreign trade data showing that petrol imports surged by 105 percent to N15.4 trillion at the end of 2024.

 

Similarly, the report indicated that fuel imports hit N930 billion in February 2025 alone, raising concerns among stakeholders in the country’s downstream sector.

Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority said that Dangote Refinery, Port Harcourt and Warri refineries met only 50 percent of the national petroleum products consumption requirement in February 2025. #

However, in a statement last month, the president of Dangote Refinery countered NMDPRA and insisted that the $20 billion Refinery can meet 100 percent of Nigeria’s 100 percent petroleum production requirements.

Nigerians are now left in limbo amid the controversy as NNPC said it has not imported petrol so far in 2025.

Meanwhile, Gillis-Harry and Oyebanji in their insights to Ekwutosblog put clarity to the debate.

Speaking, Gillis-Harry insisted that petroleum retailers get their products from all sources, including Dangote Refinery, NNPC and import.

 

According to him, petrol retailers will continue to get fuel from sources with the best pricing to avoid a monopoly of the country’s petroleum downstream.

He frowned at a situation where the refinery would reduce fuel prices overnight without due consultation with its partners and retailers.

Gillis-Harry added that healthy competition and price stability must be guaranteed in Nigeria’s downstream sector for the good of Nigerians.

“Retailers are not running away from Dangote Refinery. We patronize every refinery, but we subscribe to full liberation so that we will not run a monopolized downstream sector.

“A situation where one refinery is shifting prices up and down without consideration of retailers is uncalled for.

“We cannot buy a product at N889, and over the night, the prices are dropped to N825, which is unfair.

“We continue to buy petrol from all sources that are profitable to us, either NNPCL, Dangote Refinery or through import”, he told Ekwutosblog.

On his part, Oyebanji explained that local refineries such as Dangote Refinery were not meeting 100 percent of domestic demand- the reason for fuel import to augment the vacuum.

According to him, if local refineries produced enough to meet the domestic market and with competitive prices, no right-thinking businessman would import.

“The report circulated today was for 2024. I don’t understand why it is being played up in the media as if it is new.

“Seems it is to advance a particular agenda. I don’t think local refineries are meeting 100 percent of local demand.

“So, to prevent shortages, some importation is being allowed, but to give the impression that such importation is growing isn’t correct.

“NNPCL, which has been the largest importer up to last year, has confirmed that they have not imported and yet someone is pushing this narrative.

“If local refineries produce enough to satisfy local demand and sell at a competitive price, then no right-thinking businessman will import”, he told Ekwutosblog.

Recall that earlier this month and last month, NNPC and Dangote refineries reduced petrol prices to between N860 and N880 per liter.

The development sparked a price war among the bigwigs in the country’s downstream sector, as Nigerians now buy petrol between N860 and N970 per liter nationwide.

On October 15, 2024, 650, 000 barrels per day, Dangote Refinery kicked off supply of petrol.

At the same, NNPC restarted petrol production at the Port Harcourt and Warri refineries in November and December 2024.

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Why food prices are crashing in Nigeria – Bwala

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The Special Adviser to the President on Media and Policy, Daniel Bwala, has suggested that food prices are crashing because President Bola Tinubu’s administration is addressing insecurity.

Bwala claimed that farmers now enthusiastically go to farm to cultivate food crops.

In a post on his X handle on Monday, Bwala urged Nigerians to ignore those peddling fake news that importation is the reason for the crash of food prices.

“The reason the food prices are crashing is because we have dealt a heavy blow to insecurity, hence farmers enthusiastically go to farm and do what they do best. Presdient Tinubu @officialABAT means bussiness.

“Ignore the sore losers who are peddling fake news that importation is the reason for crashing of the prices and that President Tinubu is destroying the economy of the north. Such individuals are probably not happy that we are dealing with insecurity.”

https://twitter.com/BwalaDaniel/status/1899045148488499653?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1899045148488499653%7Ctwgr%5E5ac9f9bc734e0f89791c93f2aa7474150422f704%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdailypost.ng%2F2025%2F03%2F10%2Fwhy-food-prices-are-crashing-in-nigeria-bwala%2F

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Dozens brought ashore after oil tanker and cargo ship collide in North Sea

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FILE: Oil tanker near the port of Kilpilahti in Porvoo on the Gulf of Finland, 7 January 2025, illustration © AP Photo
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An oil tanker and a cargo ship collided in the North Sea off the UK coast on Monday, triggering a major rescue mission.

UK authorities launched lifeboats and firefighting vessels to the scene some 10 nautical miles out from the city of Hull after an alarm was sounded at around 11 am CET, authorities said.

“A coastguard rescue helicopter from Humberside was called, alongside lifeboats … an HM Coastguard fixed-wing aircraft, and nearby vessels with firefighting capability,” a coastguard spokesperson said on Monday.

At least 32 casualties have been brought ashore, according to Martyn Boyers, chief executive of the Port of Grimsby East. Their condition is not immediately clear.

Initial reports showed fire and thick black smoke pouring from both ships. Boyers said that there had been a “massive fireball” when the vessels collided.

The incident involved a US-registered oil tanker, Stena Immaculate, and a Portuguese container ship called the Solong, registered in Madeira, according to ship tracking website Vessel Tracker.

The tanker was listed as sailing from the Greek port of Agioi Theodoroi, while the cargo vessel was on course from Grangemouth in Scotland to Rotterdam in the Netherlands.

The Stena Immaculate is the larger of two ships, listed as being 183 metres long and 32 metres wide. The Solong is 140.6 metres long and 21.8 metres wide, according to ship tracking site Marine Traffic.

The site data shows Solong was drifting at 0.3 knots according to its last tracked position.

The UK Coastguard says it was assessing a “likely” counter-pollution response, although it isn’t known what the oil tanker was carrying at the time of the incident.

UK Transport Secretary Heidi Alexander said she was “concerned” to hear of the collision between the two vessels. She thanked “all emergency service workers involved in their continued efforts in responding to the incident.”

The Met Office said visibility was poor in its morning forecast for Yorkshire and Humber.

“Areas of fog and low cloud lifting as winds increase through the morning, with some warm, if rather hazy sunny spells expected in places for a time,” the weather agency said.

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