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A recent survey conducted by Legit.ng reveals that cement prices in Nigeria have significantly dropped from their initial costs in January 2024. Cement sellers attribute this crash in prices to various factors, including low demand and a stronger naira. Currently, the price of cement ranges between N7,000 and N7,500 per 50kg bag, depending on the brand.
Reasons for the Price Drop
The decrease in demand for cement since February 2024 has contributed to the price reduction. Nigerians have been reluctant to purchase the product due to its high cost. However, sales are now picking up as the price has become more affordable. Dealers have adjusted their prices, selling the product for between N7,500 and N8,000, depending on the brand and demand.
Factors Influencing the Price Crash
The appreciation of the naira against the dollar has played a significant role in the price reduction. Manufacturers have also adjusted their depot prices accordingly. Additionally, the intervention of the federal government and the threat to license more importers may have contributed to the decrease in price. Low demand has also been a driving factor in the price crash.
Despite the price drop, stakeholders have expressed concerns about the implications of rising cement prices. They fear that the hike could lead to more building collapses as people may resort to using cheaper alternatives. The price of a 50kg bag of cement has risen to about N9,500 in many parts of Lagos and the country, primarily due to inflation.
This article was updated 3 weeks ago
