• A new survey by Financial Derivatives has revealed that the price of cement has fallen in the market
• The report stated that traders who used to sell a 50kg bag of cement for over N9,000 are now selling it for N7,500.
• Nigeria’s largest cement manufacturers include Dangote Cement, Lafarge, BUA Cement and now Mangal cement

legit.ng Journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of Nigeria. economystocks and general market trends.

Financial Derivatives Company Limited reported that the average price of a 50kg bag of cement dropped to N7,500 in October 2024.

The new price represents a decrease of 21.05% compared to the average price of N9,500 in September 2024.

Provides a decrease A welcome reprieve for Nigerians and construction industry players are struggling with high construction costs.

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A vendor in the Ikotun district LagosHis name was said to be Ayo Mogaji legit.ng Sales are increasing due to the decrease in prices.

“We have been receiving more sales in recent weeks. Prices have dropped, but the rate we can give you will depend on the brand and quantity.”

Another seller, Chukwuma, also confirmed Mogaji:

He stated that prices decreased due to manufacturers adjusting warehouse prices.

“We hope there will be a further decline in the coming months. I can’t give you definitive information.” exact prices because it depends on the quantities you need. But I can guarantee that no brand is higher than this. N8,000 per bag.:

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Representatives issue new instructions to Dangote, others

legit.ng had previously reported that House of Representatives The Joint Committee, which is investigating the increase in cement prices in the country, issued instructions to producers, including Dangote. Cement, BUA Cement and Lafarge Africa.

Committee chairman Jonathan Gaza said producers must provide a detailed breakdown of their production costs to justify the recent increase in bag cement prices.

Lawmakers noted that although cement prices are high in the North and some other states, residents of some states still pay high rates.

Source: Legit.ng