The Minister of Works, David Umahi, has called on cement manufacturers to urgently reduce the price of cement, warning that the rising cost is putting Nigeria’s infrastructure development projects under serious strain.

Umahi made the demand in Lagos during the unveiling of the new corporate identity of Lafarge Africa Plc, which has now been rebranded as HBM Nigeria Plc following its acquisition by China’s Huaxin Building Materials Group.

The minister said the continuous increase in cement prices is already affecting the execution of federal road and bridge projects nationwide, with contractors increasingly pushing for upward reviews of existing contracts.

‘Reduce Cement Prices Now’ – Umahi Tells Manufacturers

Addressing industry stakeholders, investors, and government officials, Umahi insisted that cement producers must play a more active role in supporting national development by ensuring affordability.

“I want to insist that Lafarge, now HBM, and other manufacturers of cement should reduce their prices,” the minister said.

He warned that the Federal Government would begin formal engagements with cement manufacturers from July 1 to address pricing concerns and safeguard ongoing infrastructure projects.

According to him, the cement industry is benefiting significantly from government-led infrastructure expansion and must reciprocate by ensuring fair pricing.

Government Moves to Stabilise Construction Costs

Umahi explained that escalating cement costs are increasing project execution risks and placing additional financial pressure on contractors handling public works across the country.

He added that the planned engagement with manufacturers will focus on achieving a balance between industry profitability and national infrastructure needs.

Lafarge Rebrands as HBM Nigeria Plc

At the same event, the company formerly known as Lafarge Africa Plc officially unveiled its new identity as HBM Nigeria Plc, marking a new phase following its acquisition by Huaxin Building Materials Group.

Group Managing Director and Chief Executive Officer, Lolu Alade-Akinyemi, said the rebranding reflects a new corporate direction while maintaining operational stability.

“HBM Nigeria Plc represents an exciting new chapter in our journey as a leading building solutions company. While our corporate identity is evolving, our values remain the same,” he said.

He assured stakeholders that the transition would not affect operations, workforce, or customer relationships, noting that the process would be implemented in phases across the company’s facilities nationwide.

Company Reaffirms Commitment to Nigeria

Chairman of HBM Nigeria Plc, Gbenga Oyebode, also reaffirmed the company’s long-term commitment to Nigeria’s economic development, describing the transition as a strategic step for sustainable growth.

He expressed confidence that the new identity would strengthen investor confidence, enhance stakeholder trust, and support long-term value creation.

Industry Presence and Capacity

The unveiling ceremony attracted top government officials, state representatives, traditional rulers, and industry leaders.

HBM Nigeria Plc remains one of the country’s largest cement producers, with operations across Ogun, Gombe, and Cross River States, as well as ready-mix facilities in Lagos, Abuja, and Port Harcourt. The company has an installed capacity of 10.5 million metric tonnes per annum.

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The Federal Capital Territory Administration (FCTA) has ratified infrastructure projects valued at about ₦11.5 billion and approved fresh enforcement actions against land and property owners violating development regulations across Abuja.

The approvals were reached on Monday when the Minister of the Federal Capital Territory, Nyesom Wike, presided over the first FCTA Executive Committee (Exco) meeting of 2026, marking the formal start of the administration’s activities for the year.

Briefing journalists after the meeting, the Chief of Staff to the FCT Minister, Chidi Amadi, said the Exco considered and approved five key memoranda aimed at sustaining infrastructure development, improving service delivery and strengthening revenue generation in the nation’s capital.

Amadi described the meeting as strategic, noting that it brought together senior officials of the administration, including the Executive Secretary of the Federal Capital Development Authority (FCDA), the Mandate Secretary for Education, the Chairman of the FCT Internal Revenue Service (FCT-IRS) and the Director of Land Administration.

On education, the Mandate Secretary for Education, Dr. Danlami Hayyo, disclosed that the Exco approved a ₦62 million contract for facility management services at the Korea Model School, Abuja. He explained that the school, established through a partnership between the Korean Government and the Universal Basic Education Commission, was handed over to the FCTA in 2019 to serve as a model for basic education. The approved contract will cover facility and management services for one year.

The Executive Secretary of FCDA, Engr. Richard Yunana Dauda, announced that the council ratified three major infrastructure projects that had earlier been executed on an emergency basis. These include the rehabilitation and resurfacing of internal roads within the Presidential Villa, carried out by Julius Berger Plc after the roads, in use for over three decades, developed severe surface failures.

Dauda also confirmed the ratification of the Kabusa–Ketti Road project, which had become a major security concern due to its deplorable state. The road, awarded in late 2024 and commissioned in June 2025, was completed at a final contract sum of ₦9.8 billion.

In addition, the Exco approved the emergency erosion control works and restoration of critical water pipelines supplying Abuja from the Lower Usuma Dam. The intervention, executed by SCC Nigeria Limited at a cost of about ₦1.7 billion, was undertaken to avert a potential collapse of water supply to the city.

On land administration, the Director of Land Administration, Chijioke Nwankwoeze, said the Exco reviewed compliance levels on ground rent payments, Certificates of Occupancy and land use conversion fees, and approved strict enforcement measures against defaulters.

He recalled that in 2025, the FCTA identified widespread violations where properties allocated for residential use in areas such as Aminu Kano Crescent, Adetokunbo Ademola Crescent, and parts of Garki Areas 7 and 8 were illegally converted to commercial purposes. Although some conversions were later approved after planning assessments, Nwankwoeze said many property owners failed to pay the required statutory fees.

“As a result, council has approved enforcement actions to commence from next week. These may include revocation of titles, sealing of properties and other lawful measures. There will be no exemptions,” he said, adding that the exercise would cover Phase One and Phase Two districts and apply to individuals, corporate bodies and government institutions.

The Chairman of FCT-IRS, Michael Ango, emphasized that improved revenue compliance remains critical to funding infrastructure and public services in Abuja. He urged residents and property owners to regularize their payments, warning that enforcement would continue where defaults persist.

The FCTA said the decisions align with the broader vision of President Bola Tinubu and Minister Wike to build a well-planned, financially sustainable and globally competitive federal capital city.

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has called on residents and business operators in Abuja to prioritize tax compliance, describing it as the foundation upon which the city’s transformation is being built. According to him, the ongoing improvements in roads, drainages, street lighting, and other public infrastructure are a direct result of tax revenues.

“All these good roads, drainages, and streetlights wouldn’t be possible if you don’t pay your taxes,” Wike said during the flag-off of new infrastructure projects in Asokoro Extension. “As we say, ‘Dis soup sweet, na money kill am.’ If you don’t have money to buy the right ingredients, the soup won’t taste good. In the same way, if we don’t have funds, we can’t deliver the kind of city Abuja deserves.”

Framing taxation as more than a civic obligation, the Minister described it as a form of collective investment in public welfare. “When you pay your taxes, you are buying comfort, safety, and pride for Abuja. So, let’s all do our part to make this city the pride of the nation.”

The infrastructure drive, he noted, aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which envisions Abuja as a global city that can compete with the best urban centers in the world. “This government is committed to ensuring that the FCT competes favorably with other cities of the world,” he said. “What you see in the developed world isn’t magic it’s the result of leadership commitment. That is what Mr. President has brought to Abuja.”

Highlighting the Asokoro Extension project as a symbol of that vision, Wike stressed the importance of basic amenities in shaping the quality of life. “Without proper road networks, drainages, and streetlights, life becomes difficult. But by the time these are completed, Asokoro will rank among the most beautiful areas in Abuja.”

Wike also pointed to the employment opportunities being generated by the ongoing construction projects across the capital, linking them to the administration’s wider socioeconomic goals. “Everywhere you go, construction is ongoing and that means jobs for our young people. This is part of the Renewed Hope agenda.”

Beyond roads and physical infrastructure, the Minister revealed that the FCT Administration is set to embark on a new phase of development in education and healthcare. “We’ve touched transport, roads, sports, and education. Now we’re moving to health. No sector will be left untouched.”

He concluded with a call for patience and continued public support, urging citizens to view their tax contributions as essential to Abuja’s long-term progress. “The Abuja of two years ago is not the same today, and by tomorrow, it will be even better.”

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Despite a steady decline in Nigeria’s inflation rate, prices of key building materials such as cement and iron rods have remained stubbornly high, raising concerns for builders and developers across the country.

Data from the National Bureau of Statistics (NBS) shows that headline inflation eased for the fifth consecutive month, dropping to 20.12 percent in August from 21.88 percent in July 2025. However, this decline has yet to translate into relief in the construction sector, where prices have largely stayed elevated.

BusinessDay market checks reveal that as of last week, a 50kg bag of Dangote cement sold for N10,200 in Lagos, while Lafarge and Elephant brands went for N10,000. In Enugu, prices were even higher, ranging between N10,200 and N10,500 depending on the brand and location, according to dealer Samuel Chinwendu.

Similarly, iron rods have seen little price movement in recent months. “One length of 12mm rod sells for N9,500 for the local brand and N12,500 for the imported ones,” said Sebastin Ovie, a building materials seller in Ojo, Lagos.

Other materials such as sand and granite have also held steady, selling at N50,000 and N60,000 per ton respectively over the past six months.

Industry watchers attribute the stubbornly high prices to factors including currency depreciation, increased demand from government-backed infrastructure projects, and market dynamics that do not always mirror the inflation trend.

The sustained high cost of materials is expected to continue exerting pressure on construction costs, potentially slowing down housing delivery and infrastructure development in the short term.

By: Chuka Uroko

Source: Business Day

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The council boss hailed the infrastructure as not just a development project, but a shared achievement reflecting the resilience and progress of the Iba community.

“Today, we gather not just to commission a road project, but to celebrate a collective achievement, a symbol of progress, development, and our shared commitment to a better tomorrow,” Yisa said during the ceremony.

The road and drainage construction, he explained, were initiated in response to long-standing issues of flooding, poor road access, and deteriorating infrastructure that had plagued residents of Mebamu and surrounding areas.

Yisa highlighted the role of good road networks in connecting residents to key institutions such as schools, hospitals, markets, and religious centres. He emphasized that this project reinforces the administration’s resolve to deliver motorable roads across the local government area.

“We all know how essential a good road is to daily life,” he said. “But even more importantly, it reflects the dignity we deserve in our communities. With this project, we are affirming that Mebamu matters. Cele-Nica matters. The people here matter.”

Beyond roadwork, the drainage system was singled out by Yisa as a significant component of the project, underscoring the council’s commitment to long-term planning and sustainable development.

“We are not just building for today, but for the rainy seasons to come—for the safety of our children and for the continued growth of our environment,” he noted.

He went on to commend the engineers, contractors, and especially residents for their patience and support during the construction phase, urging continued community participation in maintaining public infrastructure.

“As we commission this road and drainage today, let it serve as a reminder that with unity, vision, and dedication, we can transform every corner of our community,” Yisa added.

The commissioning marks another entry in a series of infrastructure initiatives by the Iba LCDA, aimed at improving the living conditions of residents across the area.

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According to Regional Manager Oliver Berger, the company’s involvement in strategic developments across the Federal Capital Territory (FCT) underscores its long-standing partnership with the Nigerian government since its entry into Abuja in 1980.

“As Abuja continues to expand, Julius Berger’s contributions are not only enhancing the city’s aesthetics but also boosting transport flow, safety, and long-term economic functionality,” Berger stated.

Among the notable projects either completed or under construction are the Abuja-Kubwa Expressway, the runway at Nnamdi Azikiwe International Airport, and several urban road systems, including the Airport Road Interchange and Central Roads B6/B12. The company is also constructing the Arterial Road N5 (Obafemi Awolowo Way), a critical 4.4 km stretch featuring bridges, culverts, and intersections that aim to improve east-west connectivity in the city.

Beyond roadwork, Julius Berger has taken on the development of key facilities such as the Central Bank of Nigeria building, the Asokoro Hillside Multispecialty Hospital, and the Nigerian Upstream Petroleum Regulatory Commission’s new headquarters — the latter noted for its modern design, energy efficiency, and advanced engineering systems.

These interventions have played a central role in decongesting traffic-prone areas and improving travel time for commuters. For instance, the construction of the Jabi Lake Bridge and the Nyanya-Karu flyover has reduced traffic bottlenecks and facilitated smoother movement for daily travelers.

Berger emphasized the shift toward modern traffic infrastructure, which has replaced outdated junctions with safer, more effective interchanges. These changes have had a significant impact on public mobility, especially in districts experiencing rapid population growth.

The firm’s imprint also extends to the rehabilitation of existing structures, such as the International Conference Centre and the residences of top government officials, including the Vice President and FCT Minister.

Moreover, Julius Berger has taken part in the construction of prominent national landmarks like the Nigerian National Mosque and the Nigerian National Christian Centre, combining architectural vision with public utility.

As Abuja evolves, the company maintains its focus on delivering infrastructure that meets global standards, citing a commitment to quality, safety, and sustainability. With several more projects underway, Julius Berger is positioning itself not only as a builder of roads and bridges but as a key player in shaping the capital’s future.

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This collaboration was formalized during a courtesy visit on May 20, 2025, when the Minister of Steel Development, Prince Shuaibu Abubakar Audu, met with Dr. Bosun Tijani, Minister of Communications and Digital Economy, in Abuja. The meeting focused on leveraging local steel for the planned rollout of telecom towers and fibre optic networks nationwide, as well as proposals to establish a technology hub at the Ajaokuta Industrial Park and Free Trade Zone.

Speaking through the ministry’s spokesperson, Salamatu F. Jibaniya, Prince Audu emphasized that the alliance aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly the administration’s commitment to bolstering domestic industries and reducing dependence on imported materials.

Audu cited the capacity of Nigeria’s steel manufacturers to meet the demands of the digital infrastructure sector. “Your plan to deploy 90,000 kilometres of fibre optic cable and build 7,000 telecom towers at an estimated cost of N3.3 trillion presents a great opportunity for collaboration. Local galvanised steel plants, such as the one recently commissioned in Ogun State, are well-equipped to supply anti-rust materials suitable for telecom tower construction,” he stated.

The minister further advocated for the inclusion of local artisans and welders in the project, noting ongoing training initiatives in the steel sector that could be expanded through the Ministry of Communications’ digital skills programmes. “We have skilled workers capable of executing the physical structures that support telecom expansion,” he added.

Responding, Dr. Tijani welcomed the partnership, describing it as a timely step toward sustainable development. He affirmed that locally produced steel would be prioritised in the construction of telecom towers and that efforts would be made to ensure the continued involvement of local players in the maintenance and operation of the infrastructure.

“My aim is for all steel-related components of this telecom expansion to be sourced entirely from within Nigeria. Collaboration between our ministries will not only strengthen our industrial base but also create jobs and support long-term economic transformation,” Tijani said.

Both ministers agreed to establish a joint technical committee to facilitate smooth implementation and ensure effective coordination between their respective agencies and stakeholders in the private sector.

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The landmark listing, backed by the United Kingdom Government, is expected to catalyze sustainable infrastructure growth and strengthen Nigeria’s ongoing energy transition. The UK’s involvement comes via its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) initiative, which invested ₦9.5 billion ($6 million) into InfraCredit as part of a broader ₦64 billion ($41 million) listing. This move highlights a clear effort to mobilize domestic institutional capital and direct it toward Nigeria’s critical infrastructure needs.

In a statement released by the British High Commission on Monday, the UK emphasized the importance of strengthening Nigeria’s infrastructure base, especially in the face of a projected $2.3 trillion financing requirement between 2021 and 2043. Given the limitations of local banks in providing long-term funding, InfraCredit has emerged as a key enabler in the sector. The organization provides Naira-denominated credit guarantees that help de-risk infrastructure bonds and enhance their credit quality. This strategy has made it viable for local institutional investors—such as pension funds and insurance companies—to commit funds to long-term projects that were previously considered too risky.

To date, InfraCredit has supported a project pipeline valued at over ₦750 billion ($500 million) using its risk guarantee model. With the latest capital injection, which also includes participation from two Nigerian pension funds, InfraCredit is now positioned to expand its footprint and fund more transformative infrastructure projects nationwide.

The listing on NASD also marks a significant transition for InfraCredit from a private institution to a publicly listed entity, signaling a commitment to transparency, accountability, and long-term sustainability. It is also a stepping stone toward a future listing on the Nigerian Exchange (NGX), a move that aligns with MOBILIST’s broader agenda of promoting investment vehicles that contribute to achieving the United Nations Sustainable Development Goals (SDGs).

Speaking on the development, Jonny Baxter, the British Deputy High Commissioner in Lagos, praised the listing as a milestone in the UK-Nigeria development partnership. He emphasized that InfraCredit’s success illustrates the potential of public markets to mobilize domestic capital at scale. “InfraCredit’s journey shows the strength of long-term partnerships. With MOBILIST’s support, Nigerian investors now have a reliable pathway to fund the capital needs of local infrastructure developers, while contributing to national growth,” he said.

InfraCredit’s CEO, Chinua Azubike, described the listing as a pivotal moment in the institution’s evolution. He reiterated the company’s commitment to deepening Nigeria’s capital markets and unlocking access to long-term, local-currency financing for infrastructure. “This transition into a publicly listed company is not just about growth—it’s about building trust, widening our ownership base, and reinforcing our mission to support sustainable development through infrastructure financing,” Azubike noted.

Founded in 2017 by GuarantCo—a member of the Private Infrastructure Development Group (PIDG)—and the Nigerian Sovereign Investment Authority (NSIA), InfraCredit was created to address the absence of long-term financing solutions in Nigeria’s debt capital markets. Since its inception, it has become a model for similar institutions, such as InfraZamin in Pakistan and Dhamana in Kenya. Its capital base was further strengthened in 2020 when InfraCo Africa, another PIDG company, joined as an investor.

InfraCredit’s growing influence is supported by strong international partnerships, including strategic alliances with British International Investment (BII) and Financial Sector Deepening Africa (FSDA)—both of which are UK-backed organizations committed to advancing development finance across Africa.

As Nigeria seeks to close its infrastructure gap and move toward a more resilient, sustainable economy, InfraCredit’s transformation into a publicly listed entity may represent not only a significant institutional evolution but also a blueprint for mobilizing local capital to solve Africa’s long-term development challenges.

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