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

Financial Derivatives Company Limited has reported that the average price of a 50kg bag of cement dropped to N7,500 in October 2024.

The new price represents a 21.05% reduction compared to the N9,500 average price in September 2024.

The decrease provides a welcome reprieve for Nigerians and construction industry players grappling with high building costs.

A dealer in the Ikotun area of Lagos, identified as Ayo Mogaji, told Legit.ng that sales are picking up due to the reduced price.

“We have been getting more sales in recent weeks. Prices have dropped, but the rate we can give you will depend on the brand and the quantity.”

Another seller, Chukwuma, corroborated Mogaji: He noted that the prices are crashing as manufacturers adjust their depot prices. “We are hoping that there will be a further drop in the months ahead. I can’t give you the exact prices because it is dependent on the quantities you need. but I can assure that none of the brands is higher than N8,000 per bag.”

Recall that the House of Representatives Joint Committee investigating the increase in cement prices in the country issued a directive to manufacturers, including Dangote Cement, BUA Cement, and Lafarge Africa.

Jonathan Gaza, the committee’s chairman, said that the manufacturers must provide a detailed breakdown of production costs to justify the recent increase in bag cement prices.

The lawmakers noted that although cement prices in the North and some other states are high, residents in some states still pay high.