Price of Cement to Drop As Dangote, BUA, Lafarge Agree To Sell At Discount Presidency Reveals

Price of Cement to Drop As Dangote, BUA, Lafarge Agree To Sell At Discount Presidency Reveals

  • So, it seems a reprieve is coming for Nigerians as it has been reported that a deal has been struck to sell cement at a discount
  • Cement prices in Nigeria have been a major concerned for engineers, builders quantity surveyors and would be landlords
  • A 50kg Bag Retail Price average about N3,500 to N4,600 depending on the location as at December 2021

The presidency has revealed that three cement giants, Dangote Cement, Lafarge and BUA have all reached a consensus to sell at a discount.

This was disclosed by Mr. Laolu Akande, the Senior Special Assistant, Media & Publicity to the Vice President according to Nairametrics.

Akande believe the discount price for Cement will help the federal government achieve its goal of providing affordable houses.

Good news: Price Of Cement to Drop As Dangote, BUA, Lafarge Agree To Sell At Discount Presidency Reveals
Head office of Dangote Cement Factory Credit:kisx

However, Akande disclosure of a drop in cement price is in reference to the social housing programme under the Economic Sustainability Plan (ESP), which is an intervention programme to deal with the fallout of the Covid pandemic.

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Akande said that with the ESP the government wants to create 5 million solar connections all across the country and build 300,000 houses under the social housing programme.

He said:

“The ESP is coordinated by the Family homes fund which is a limited liability being supervised by the Minister of Finance, while the Government is bringing the funding. They have built over 8000 of such houses in Borno state. The FG has also had discussions with the three big cement companies, Dangote, Lafarge, and BUA to supply cement at a discounted rate and they have agreed.”

He also stated that 22 state governments have committed to giving land for the implementation of the fund under the sustainability plan.

Closed the year at the top

Meanwhile, had ealier reported that Aliko Dangote, the richest man in Africa, is on track to close the year at the richest level he has ever been since 2014 buoyed by the second straight year of gains at his cement unit.

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The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth.

His wealth grew by as much as $2.3 billion to $20.1 billion as of Dec. 3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index.


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