The Federal Government has called on cement manufacturers to reduce the cost of their products to support ongoing infrastructure projects and ease pressure on the construction sector.
Minister of Works, David Umahi, made the appeal on Sunday in Lagos during the unveiling of a new corporate identity by Lafarge Nigeria, which has been rebranded as HBM Nigeria Plc following its acquisition by Chinese building materials giant Huaxin Building Materials.
Umahi expressed concern over the rising cost of cement, noting that it was increasing the financial burden on infrastructure projects across the country. He disclosed that the government would begin discussions with cement manufacturers from July 1 to find lasting solutions to the pricing challenge.
According to the minister, contractors handling government projects have continued to request contract reviews due to escalating material costs, but stressed that the government would not approve such adjustments. Instead, he urged manufacturers to consider reducing prices in the interest of national development.
He also highlighted the Tinubu administration’s extensive investment in critical infrastructure, describing it as a major opportunity for manufacturers and investors. Umahi encouraged cement producers to expand their production capacity to meet the growing demand generated by ongoing road and construction projects nationwide.
The minister commended HBM Nigeria Plc for its transition and reaffirmed the government’s readiness to collaborate with industry players to strengthen the building materials sector.
Meanwhile, the company assured stakeholders that its rebranding would not affect operations, employees, customers, shareholders, or its commitment to supporting Nigeria’s economic growth and infrastructure development.
The name change was approved by shareholders during the company’s 67th Annual General Meeting following its acquisition by Huaxin Building Materials in a deal valued at about $1 billion.
Chairman of the Board, Gbenga Oyebode, said the rebranding reflects the company’s evolution and its ambition to combine local expertise with global industrial partnerships.
Group Managing Director and Chief Executive Officer, Lolu Alade-Akinyemi, described the transition as the beginning of a new phase focused on innovation, sustainability, operational efficiency, and long-term value creation.
He maintained that the company would continue to provide quality cement, aggregates, concrete, and other building solutions aimed at supporting housing, industrialisation, and infrastructure development across Nigeria.
Oyebode added that the transformation was designed to position the company for sustained growth while preserving the values and legacy that have defined its operations over the years.