JUST IN: Marketers Reveal New Price Of Dangote Cement, BUA Cement, Others (See New Price)

A fresh market survey has revealed a significant reduction in the price of cement across cities in Nigeria, irrespective of the brand.

According to the survey, a 50kg bag of cement, which sold as high as N15,000 per bag in January 2024, has crashed to between N7,000 and N8,000, depending on the location and brand.

A dealer in Ilorin, the Kwara State capital, said that a 50kg bag of cement currently sells between N7,000 and N7,200 depending on brand and location.

Some marketers who spoke with Legit also attributed the reduction in price to various factors, including meetings with the federal government, low demand and stronger naira, which forced manufacturers to reduce their prices and, therefore, led to a reduction in ex-depot prices for retailers as well.

A dealer in the Iju-Ishaga area of Lagos, identified as Olayinka Olaniyi, said sales are picking up with the reduced price after consumers initially shunned buying cement due to the high cost.

“At a point, Nigerians stopped buying due to the high price of N15,000. I am sure most dealers ran at a loss then because we had mainly old stocks which we wanted to offload quickly; he said.

He confirmed that currently, the product sells for between N7,500 and N8,000, depending on the brand and the demand for the brand.

Another seller, Justice Ike, in the Ogba area of Ikeja, corroborated Olaniyi’s submission on the crash of cement prices in Lagos.

He pointed out that the recent crash in the dollar to naira rate also accounts for the reduced price of cement.

“We know that the naira is doing well against the dollar now, and it would be absurd if manufacturers continued to sell the product at the old prices. “I also believe that the Federal Government’s intervention and the threat to license more importers may have worked, leading to the reduction in price,” he said.

A major distributor in Owerri, John Ikechukwu, told the platform in a telephone interview that cement sells for about N9,000 in the southeast, and the price is crashing due to low patronage.
He added that the crash of the dollar against the naira is also responsible for the reduced price of cement.

“People are backing off now due to the high price, but it is beginning to come down now,” he confirmed.