- Dangote Cement, BUA Cement, Lafarge Africa, and other major cement producers recently agreed on a new price for a bag of cement
- This follows negotiations with the Federal Government and threats to reopen borders for cement importation
- However, checks show that the agreement is yet to be reflected, as retailers have decided to increase the price of their cement inventories instead
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Retailers of major cement producers in the country continue to sell cement at high prices despite a recent agreement between manufacturers and the Federal Government of Nigeria.
Legit.ng earlier reported that Dangote, Lafarge, BUA, and other cement producers agreed to cap 50kg bag of cement between N7,000 and N8,000.
Photo credit: Pius Utomi Ekpei
Source: Facebook
This was agreed during a meeting initiated by the minister of works, David Umahi, and attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, in Abuja on Monday, February 19, 2024.
Prices of cement in Nigeria
The reduction in the price of cement is expected to have a positive impact on the cost of construction projects across the country..
The Nation reports that despite the agreement reached with manufacturers that cement should be sold for N7,000, the product is still being sold for between N10,000 and N11,000 in the Idimu area of Lagos state.
A similar survey carried out by Legit.ng showed that there has been no implementation of the agreed-upon cement prices.
A trader in the Ikotun area of Lagos, who identified himself as Kunle, noted that there have been no changes yet, as they are still selling above 7,000.
He said:
“All the talk about N7,000 is just in the media; I still buy from my suppliers at above N7,000.”
Here the prices of cement based on surveyed carried out:
| Company | Prices |
| Dangote Cement Plc | N11,000 to N12,500 |
| Lafarge Africa Plc | N12,000 to N14,000 |
| BUA Cement | N10,000 and N11,000 |
| UNICEM Cement | N12,000 to N14,000 |
| Ibeto Cement | N10,000 and N11,000. |
Cement producers give conditions for crashing
Legit.ng reported that the national chairman of the Cement Producers’ Association of Nigeria (CEPAN), David Iweta, has said the association is ready to help the Nigerian government to crash cement prices within 30 days if taken along as part of efforts to find a solution.
Iweta attributed the continued increase in the product’s price to the challenge of demand outweighing supply in the sector.
He said the supply chain is affected mainly by the foreign exchange crisis in the country.
Source: Legit.ng
