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Despite recent negotiations between major cement producers and the Federal Government of Nigeria, retailers continue to sell cement at high prices.
The agreement, which aimed to cap the price of a 50kg bag of cement between N7,000 and N8,000, has not been implemented by retailers. The reduction in the price of cement was expected to have a positive impact on construction projects across the country.
However, a survey conducted in the Idimu area of Lagos state showed that cement is still being sold for between N10,000 and N11,000, well above the agreed-upon prices.
Traders in different areas of Lagos also confirmed that they are still buying cement from their suppliers at prices higher than the agreed amount.
Despite the media reports of the new price agreement, the actual prices being charged by retailers remain unchanged.
Here is a breakdown of the prices of cement based on the survey conducted:
– Dangote Cement Plc: N11,000 to N12,500
– Lafarge Africa Plc: N12,000 to N14,000
– BUA Cement: N10,000 and N11,000
– UNICEM Cement: N12,000 to N14,000
– Ibeto Cement: N10,000 and N11,000.
The national chairman of the Cement Producers’ Association of Nigeria (CEPAN), David Iweta, has expressed the association’s readiness to help the government in crashing cement prices within 30 days.
However, he highlighted the challenge of demand outweighing supply in the sector, with the supply chain being affected by the foreign exchange crisis in the country.
Despite the agreement between cement producers and the government, it is evident that retailers are yet to comply with the new pricing structure.
This situation calls for further action to ensure that the agreed-upon prices are implemented and that consumers can benefit from the reduced cost of cement for their construction projects.
This article was updated 2 months ago
