Dangote, BUA, Others' New Cement Prices as Seller Refunds Customer N400 Balance after Price Drops
- Dangote Cement, BUA Cement, Lafarge Africa, and other cement manufacturers recently reached an agreement with the federal government
- Despite the agreement to reduce prices by approximately 50%, cement prices in Nigeria remain high, ranging from N10,000 to N14,000
- A Nigerian man bought cement at the price of N8,200 per bag in Kaduna state and received a surprise from the seller
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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.
Dangote, BUA, Lafarge, and other major cement manufacturers recently agreed to reduce the price of cement by 50%.
Source: Getty Images
The minister of Works, David Umahi, attended the meeting initiated by the minister of Industry, Trade, and Investment, Uzoka-Anite, in Abuja on Monday, February 19, 2024.
The meeting was convened in response to a nationwide outcry against the sharp rise in the price of cement.
Cement price increase
An earlier report showed the cement price was sold for between N10,000 and N11,000.
Despite the meeting, bag of cement prices have increased to between N10,000 and N14,000, depending on the manufacturer.
Legit.ng reported that David Iweta, the national chairman of the Cement Producers’ Association of Nigeria (CEPAN), said the continuous rise in cement prices results from demand outweighing supply.
He stated that a better understanding with the federal government could reduce cement prices within 30 days.
He further attributed foreign exchange rates as a contributing factor.
Cement prices in Nigeria
According to a Vanguard report, here are the recent cement prices by producers.
| Cement producers | Prices |
| Dangote | N11,000 to N13,000 |
| BUA | N10,000 - N12,000 |
| Lafarge | N13,000 - N14,000 |
| Ibeto | N10,000 - N12,500 |
| UNICEM | N11,000 - N13,000 |
Cement seller refunds customers N400
In a similar report, a Nigerian man said he bought cement at N8,200 per bag in Kaduna state, where he lives.
However, when he got home, he received a phone call from the cement seller informing him the price had been reduced to N7,800 per bag.
Ahmad Kargi said he was surprised when the cement seller offered him his N400 balance even after he had left the shop.
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Source: Legit.ng
