- Dangote Cement, BUA Cement, Lafarge Africa, and other major producers recently agreed on a new price for a bag of cement
- This followed negotiations with the federal government and threats to reopen borders for cement importation
- However, checks showed that the agreement was 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 have continued to sell the commodity 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.
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This was agreed during a meeting initiated by the minister of Works, David Umahi, 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 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 the agreed-upon cement prices were yet to be implemented.
Kunle, a trader in the Ikotun area of Lagos, told Legit.ng that a bag of cement was still being sold for over N7,000.
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He said:
"All the talk about N7,000 is just in the media; I still buy from my suppliers at above N7,000."Here are the prices of cement based on the survey 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 to N11,000. |
Cement producers give conditions for crashing price
Legit.ng reported that the national chairman of the Cement Producers' Association of Nigeria (CEPAN), David Iweta, said the association was 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 was affected mainly by the foreign exchange crisis in the country.
Source: Legit.ng
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