After The Meeting With FG The Prices Of Dangote, BUA, Lafarge, & Other Cement

Following a meeting with the federal government, Dangote, BUA, Lafarge, and other significant cement manufacturers decided to lower the price of cement.

On Monday, February 19, 2024, in Abuja, the minister of Industry, Trade, and Investment, Uzoka-Anite, also attended the meeting called by the minister of Works, David Umahi.

It was the outcome of a widespread protest against the precipitous increase in cement prices, which followed a wave of price increases for commodities, goods, and services in every sphere of the economy.

For example, a bag of cement sells between N10,000 – N14,000, depending on the manufacturer.

According to reports, despite the agreement between manufacturers and the federal government to reduce prices by about 50%, it still sells almost as high as it did before the meeting.

Why cement prices are on the rise
According to the national chairman of Cement Producers’ Association of Nigeria (CEPAN), David Iweta, the continuous rise in the price of cement is a result of demand outweighing supply.

He said a better understanding with the federal government can lead to a crash in cement prices within 30 days.

He further blamed foreign exchange as a contributing factor.

Recent price of cement
As per recent survey, below are the prices of a bag of cement in Nigeria

In building, cement serves as a binder—a chemical that sets, hardens, and clings to other materials to hold them together.