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In recent months, cement prices in Nigeria have experienced a significant decrease, providing relief to the construction industry and real estate developers. Previously, prices had skyrocketed to as high as N10,000-N15,000 per 50kg bag, causing disruptions and financial strain within the sector.
The decrease in cement prices can be attributed to a combination of factors. Firstly, there has been a decrease in demand for cement, leading to a surplus in the market. Additionally, the federal government took decisive action by convening a meeting with leading cement manufacturers to address the crisis. As a result, prices have been adjusted to a more affordable range, stabilizing the market and alleviating the burden on the construction industry.
Currently, the average price for a 50kg bag of cement ranges between N7,000 and N7,500 in different parts of the country. BUA Cement, one of the major producers, has set its prices slightly higher, ranging from N7,500 to N7,800 depending on the location.
Real estate developers and construction retailers have welcomed the price drop, as it has led to increased sales and a resurgence of construction activities. The price reduction has also had a positive impact on other building materials, such as iron rods, which have seen considerable drops in prices as well.
This article was updated 2 months ago
