Nigeria’s Cement Market Faces Uncertainty As Prices Fluctuate Amid Government Intervention

Nigeria’s Cement Market Faces Uncertainty As Prices Fluctuate Amid Government Intervention

The Nigerian cement market, dominated by major producers like Dangote and BUA, continues to experience price fluctuations, impacting construction projects and real estate development across the country.

Efforts by President Bola Tinubu’s administration to stabilize the market have led to interventions such as the House of Representatives issuing a 14-day ultimatum to cement producers.…..CONTINUE READING 

This ultimatum follows the failure of these manufacturers to attend an investigative hearing aimed at addressing the sudden spike in cement prices.

The Joint Committee on Solid Minerals, Commerce, Industry, and Special Duties, tasked with investigating the price instability, has summoned representatives from cement companies and the Minister of Solid Minerals Development, Dele Alake, to contribute to discussions on resolving the issue.

The persistently high cost of cement has deterred many from initiating building projects, adversely affecting both individual plans and larger real estate developments.

Amidst these challenges, Naija News provides insights into the current prices of cement from major producers:

• Dangote Cement: Prices range from ₦8,000 to ₦8,500 per 50kg bag, depending on the location.
• BUA Cement: Retail prices vary between ₦6,700 to ₦7,500.
• Ibeto Cement: Prices range from ₦8,500 to ₦9,500.
• Lafarge Cement: Prices range from ₦7,950 to ₦9,500.
• UNICEM Cement: Prices range from ₦8,500 to ₦9,000, depending on location.
• POP Cement: Priced at ₦10,000 per bag.

As the government’s intervention unfolds, stakeholders await favorable outcomes that will make cement more affordable, revitalize the construction sector, and mitigate the impact of price hikes on Nigerians and the economy at large.