See new prices of Dangote, BUA, Lafarge, cement [Official]

Dangote, BUA, Lafarge, and other major cement manufacturers have agreed to lower the price of cement following discussions with the federal government. The meeting, led by the Minister of Works, David Umahi, and attended by the Minister of Industry, Trade, and Investment, Uzoka-Anite, took place in Abuja on Monday, February 19, 2024. This decision came in response to widespread complaints about the significant increase in cement prices, which followed a recent surge in prices across various sectors of the economy.

Despite the agreement to reduce prices by approximately 50%, cement still sells for almost the same high prices as before the meeting. For instance, a bag of cement typically sells for between N10,000 and N14,000, depending on the manufacturer.

The rising prices of cement are attributed to the imbalance between demand and supply, according to David Iweta, the national chairman of the Cement Producers’ Association of Nigeria (CEPAN). He believes that better cooperation with the federal government could lead to a significant drop in cement prices within 30 days. Iweta also points to foreign exchange as a contributing factor to the price hike.

Recent surveys indicate that cement prices remain high despite the efforts to lower them. As a crucial construction material, cement serves as a binding agent, setting, hardening, and adhering to other materials to facilitate construction projects.