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

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

Major cement producers, such as Lafarge, BUA, and Dangote, have decided to lower cement prices to ease the financial strain on Nigerian customers.

This agreement was made during an important meeting in Abuja on Monday, February 19, 2024, with the federal government, which was led by the Ministers of Works, David Umahi, and Industry, Trade, and Investment, Uzoka-Anite.

The decision reflects the broader trend of rising costs for commodities, goods, and services across all sectors of the economy, and follows a nationwide outcry over the significant spike in cement prices.

Before the deal, the cost of a bag of cement varied from N10,000 to N14,000, depending on the manufacturer, which had a big influence on how much it cost to build a house and how affordable it was for Nigerians.

Even though it was widely expected that prices would drop by almost 50%, according to Vanguard reports, cement costs are essentially unchanged after the meeting and are still hovering around their peak.

Customers and industry stakeholders are becoming concerned about the agreement’s efficacy and the implementation schedule as a result of the current state of affairs.

According to David Iweta, National Chairman of the Cement Producers’ Association of Nigeria (CEPAN), the main cause of the ongoing increase in cement prices is a shortage of supply.

In 30 days, he hoped, a major price decrease may result from improved communication and collaboration between the federal government and the cement industry.

Iweta also mentioned swings in foreign exchange rates as a cause of the price volatility seen in the cement industry.

The platform claims that an assessment indicates how much cement bags cost in Nigeria:

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