Nigerians React As Report Shows States With Cheapest Cement Prices After FG Agreement

Nigerians React As Report Shows States With Cheapest Cement Prices After FG Agreement

  • Nigerians continue to express concerns about the prices of cement and their ability to afford housing
  • Major producers, including Dangote and BUA, have agreed to reduce prices to between N7,000 and N8,000 per bag
  • Findings showed some northern states have experienced a reduction in prices since the federal government's agreement

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.

Weeks after federal government's meeting with major cement producers, Nigerians are still unhappy about the high cost of cement.

Legit.ng had reported that at the meeting, cement producers agreed to reduce prices to N7,000 to N8,000 per bag

Cement prices in Nigeria drop
FG met with cement manufacturers to reduce the price. Photo credit: Pius Utomi Ekpei
Source: Facebook

Despite government intervention, checks show that most retailers in Lagos and Ogun States continue to sell bags at N10,500 and N14,000.

Read also

United Nigeria Airlines CEO gives CBN, FG simple solution to crash naira to dollar rate below N1,000

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Nigerians have expressed concerns that the high cost of cement is ruining their chances of becoming homeowners.

Chinedu Ebuka, a banker, told Legit.ng that he had to abandon his building project as he could no longer afford the prices quoted by contractors.

"It is not easy. In November 2023, I bought a bag of cement for between N4,000 and N5,000. Today, a bag costs above N9,000. My salary remains the same, and I had to leave the project as it is creating financial strain on my family.
Hopefully, the government will persuade the producers to bring down prices."

Also, Kunle Balogun, a real estate developer, noted that the high cement prices have affected business.

"Due to the rise in cement prices, we have put most of our sites on hold because the funds provided by our clients are no longer sufficient to continue the projects."

Read also

Traders sell bag of cement at new prices as Dangote, BUA, Lafarge make over N2trn from sales

The Real Estate Developers Association of Nigeria (REDAN) recently warned that the housing deficit in Nigeria will worsen unless cement prices decrease.

Cement price reduces in northern states

There is, however, respite for residents of Northern states as the current official price range for a bag of cement now stands between N8,000 and N9,500, BusinessDay reports.

States that have currently experienced reduction include the Federal Capital Territory (FCT), Niger, and Nasarawa states.

The current prices for major cement brands in these states are as follows: Dangote Cement is between N8,000 and N9,500; Lafarge Cement is between N8,000 and N9,300; and BUA Cement stands at N7,500 to N9,000.

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.

Read also

Ramadan: Abuja residents experience 95% surge in food prices as fasting begins

Ahmad Kargi said he was surprised when the cement seller offered him his N400 balance even after he had left the shop.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Online view pixel