After a period of volatility, cement prices in Nigeria have plummeted from a peak of N10,000-N15,000 per 50kg bag to a more affordable range of N7,000-N8,000.

Reasons for the Price Drop:

Reduced Demand: Construction projects stalled due to high prices, leading to a decline in demand.
Government Intervention: The Federal Government convened a meeting with manufacturers to address the crisis and stabilize the market.
Naira Appreciation: The improved value of the naira against the dollar has made imports cheaper.

Current Market Prices:

BUA Cement: N7,500-N7,800
Dangote Cement: N7,000-N7,500
Other brands: N7,000-N8,000

Impact on Construction Sector:

The price reduction has revived construction activities and eased financial strain within the industry. Stalled projects are now resuming, and new ones are being initiated.

Dealer Perspectives:

Nyanya, FCT: Dangote cement: N7,000-N7,500, BUA cement: N8,500-N9,500
Ojo, Lagos: N7,000-N7,500 per bag
Agege, Lagos: N7,500-N8,000 per bag
Enugu: N7,200-N7,500 per bag
Owerri, Imo: N9,000 per bag

Dealers attribute the price drop to reduced demand, government intervention, and the appreciation of the naira. They expect prices to remain stable or even decline further due to the ongoing decline in demand. CONTINUE READING