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The current official price range for a bag of cement in the North of Nigeria has seen a notable decrease, according to a report by BusinessDay. The prices now range between N8,000 and N9,500, as part of the federal government’s efforts to address the rising costs of construction materials.
However, cement still remains relatively expensive in Nigeria compared to other African countries. Leading cement brands such as Dangote, Lafarge, and BUA are all selling cement bags at nearly identical rates, with each bag weighing 50kg.
For those looking for a more cost-effective option, purchasing cement wholesale, equivalent to a trailer load, is recommended.
All cement brands offer wholesale options. In the Federal Capital Territory (FCT), Niger, and Nasarawa States, prices have witnessed a significant decline compared to previous levels, which exceeded N13,000 per bag before government intervention.
Currently, the prices for major cement brands in these states are as follows: Dangote Cement between N8,000 to N9,500, Lafarge Cement between N8,000 to N9,300, and BUA Cement stands at N7,500 to N9,000.
Traders in the market remain cautious despite indications that prices might drop below N8,000. They are observing the market until next week Wednesday to assess the situation.
The challenges in price regulation are attributed to wholesalers and retailers, who play a pivotal role in setting prices for end-users.
Disparities arise from differing procurement methods, with some sourcing directly from manufacturers and others through dealers.
Registering with manufacturers, such as Dangote, for regular truckloads of cement incurs significant costs, contributing to pricing discrepancies.
Although the government has issued directives to reduce prices, some traders are yet to fully comply.
While traders with older stock maintain prices around N9,500, current prices range between N8,000 and N8,500.
There is potential for further reduction, although prices may not return to previous levels of N5,000 per bag.
