See latest price for a bag of cement in the market as dealers crash prices

• A new survey by Financial Derivatives has revealed that the price of cement has dropped in the market
• The report noted that traders who used to sell a 50kg bag of cement for over N9,000 now sell it at N7,500
• Nigeria's top 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 the Nigerian economy, stocks, and general market trends.

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

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

Cement price crashes again Photo credit: Bloomberg/contributor
Source: Getty Images

The decrease provides a welcome reprieve for Nigerians and construction industry players grappling with high building costs.

Punch reports on how substandard building materials in construction have become serious concerns.

Traders confirm changes in prices

A dealer in the Ikotun area of Lagos, identified as Ayo Mogaji, told Legit.ng that sales are picking up due to the reduced price.

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

Another seller, Chukwuma, corroborated Mogaji:

He noted that the prices are crashing as manufacturers adjust their depot prices.

"We are hoping that there will be a further drop in the months ahead. I can't give you the exact prices because it is dependent on the quantities you need. but I can assure that none of the brands is higher than N8,000 per bag.:

Reps issue new directives to Dangote, others

Legit.ng earlier reported that the House of Representatives Joint Committee investigating the increase in cement prices in the country issued a directive to manufacturers, including Dangote Cement, BUA Cement, and Lafarge Africa.

Jonathan Gaza, the chairman of the committee, said that the manufacturers must provide a detailed breakdown of production costs to justify the recent increase in bag cement prices.

The lawmakers noted that although cement prices in the North and some other states are high, residents in some states still pay high.

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Source: Legit.ng