Jubilation At Last As Cement Prices Crash Massively, Traders Sell Dangote, BUA, And Other 50kg Bags Below N9, 500
In a recent report from Financial Derivatives Company Limited (FDC), cement prices in Nigeria have dropped significantly. The latest data shows that a 50kg bag of cement, previously sold for over N9, 000, is now available for around N7, 500. This 21. 05% price reduction marks a notable shift in Nigeria’ s construction industry, where high material costs have put pressure on builders, contractors, and individual consumers alike. Key players driving this change include top manufacturers Dangote Cement, BUA Cement, Lafarge, and the new entrant, Mangal Cement.
Jubilation At Last 🎉 As Cement Prices Crash Massively, Traders Sell Dangote, BUA, And Other 50kg Bags Below N9, 500| image 2
For many Nigerians, this decrease provides much- needed relief, as high construction costs have made home building increasingly challenging. A recent report from Punch noted that poor- quality construction materials are partly responsible for numerous building collapses across the country, such as the recent collapse in Ibadan, where 10 lives were lost. Lower cement prices could encourage safer building practices, as more Nigerians and contractors can afford quality materials.
Financial Derivatives released the updated prices in their November commodity report, indicating that this downward trend began in October, with an average price of N7, 500 for a 50kg bag. This drop has positively impacted the construction industry, and sales have begun to pick up as a result, according to traders.
Jubilation At Last 🎉 As Cement Prices Crash Massively, Traders Sell Dangote, BUA, And Other 50kg Bags Below N9, 500| image 5
Jubilation At Last 🎉 As Cement Prices Crash Massively, Traders Sell Dangote, BUA, And Other 50kg Bags Below N9, 500| image 8
Jubilation At Last 🎉 As Cement Prices Crash Massively, Traders Sell Dangote, BUA, And Other 50kg Bags Below N9, 500| image 14
Local dealers have confirmed the price adjustments. A cement dealer in Ikotun, Lagos, identified as Ayo Mogaji, shared that demand has increased since the price reduction, as customers find it easier to purchase the product in larger quantities. ” We’ ve been seeing more sales lately. Prices have dropped, but the rate depends on the brand and quantity you want, ” Mogaji explained.
The reduction in cement prices has also caught the attention of the Nigerian government. The House of Representatives Joint Committee, currently investigating cement price increases, recently directed major manufacturers, including Dangote Cement, Lafarge, and BUA Cement, to disclose their production cost breakdowns. Jonathan Gaza, the committee chairman, highlighted that while some regions enjoy lower cement prices, others continue to experience high costs. This directive aims to hold manufacturers accountable and maintain fair pricing across all states.
In related economic developments, fuel prices in Nigeria have also been in flux, with competition between Dangote and other oil marketers potentially influencing further price adjustments. Lower cement and fuel prices would alleviate inflationary pressures and improve the general cost of living, offering Nigerians some economic relief.
Many hope the cement price reduction trend will continue, as both traders and consumers are optimistic. The current prices allow for broader access to affordable building materials, benefiting individual builders and major construction firms alike. Some analysts speculate that with increased local competition from new manufacturers like Mangal Cement, coupled with government oversight, Nigerians may see more stable prices in the future.
This decrease in prices is timely, as infrastructure development is a crucial part of Nigeria’ s economic growth strategy. Affordable building materials support both public and private construction projects, which in turn boosts job creation and economic activity across related industries. The current price relief is expected to sustain consumer confidence, especially in Nigeria’ s housing sector, where high costs have been a persistent challenge.
