Cement manufacturers have agreed to reduce the product's price to between N7,000 and N8,000 per 50kg, depending on the nationwide location.

This agreement between the Federal Government and the manufacturers was reportedly reached at a meeting called by the Minister of Works, David Umahi and his counterpart in Industry, Trade, and Investment, Doris Uzoka-Anite, in Abuja.

The manufacturers present also expressed their readiness to bring down prices as soon as the Federal Government’s intervention is fulfilled.

The meeting was called on the heels of the skyrocketing price of the commodity to approximately N13,000 in several retail stores.

The ministers advised cement manufacturers to set up a price monitoring mechanism to ensure compliance while addressing the smuggling issue.

Umahi said the meeting would reconvene in 30 days to review progress.