Prices Of Dangote, BUA, Lafarge, Other Cement After Meeting With FG

Major cement manufacturers including Dangote, BUA, and Lafarge, in a development aimed at alleviating the burden on Nigerian consumers have agreed to reduce the price of cement.

This agreement was reached following a crucial meeting with the federal government, led by the Minister of Works, David Umahi, and the Minister of Industry, Trade, and Investment, Uzoka-Anite, in Abuja on Monday, February 19, 2024.

The decision comes in the wake of a national outcry over the sharp increase in cement prices, mirroring the broader trend of rising costs for commodities, goods, and services across all sectors of the economy.

Before the agreement, the price of a bag of cement fluctuated between N10,000 and N14,000, depending on the manufacturer, significantly impacting construction costs and housing affordability for Nigerians.

Despite the consensus to slash prices by about 50%, reports from Vanguard indicate that the cost of cement remains almost unchanged post-meeting, continuing to hover near its peak price point.

The situation has sparked concerns among consumers and industry stakeholders about the effectiveness of the agreement and the timeline for its implementation.

The National Chairman of the Cement Producers’ Association of Nigeria (CEPAN), David Iweta, explained that the persistent rise in cement prices is primarily due to demand outstripping supply.

He expressed optimism that a better understanding and cooperation between cement manufacturers and the federal government could lead to a significant reduction in prices within 30 days.

Iweta also pointed to foreign exchange rate fluctuations as a contributing factor to the price volatility experienced in the cement market.

According to the platform, a review shows the price of bags of cement in Nigeria: