Cement Price Hits N9500 In Retail Outlets Across The Country
The cost of cement reached N9500 in Lagos retail establishments
The price of a 50kg bag of cement has soared to around N9500 in many retail outlets in Lagos further exacerbating the effects of inflation in the country.
The cost of a 50 kg bag of cement has skyrocketed to approximately N9500 in many Lagos retail stores, aggravating the nation's inflationary effects.
According to reports, checks at several retail stores in Lagos, the price has increased from about N6,000 to N6,500 to over N9000 as of right now since January.
Some retailers have stopped selling the product due to the product's irregular price increases, as they fear further price increases in the near future.
What merchants are saying
Ikorodu-based cement retailer who requested anonymity told Nairametrics that he hasn't sold since this Monday and is still awaiting word from his distributor on the current price.
He said, “My distributor has not given me the new market price, so I stopped selling around Monday. I should wait for now, she said.”
Another retailer expressed regret over the price increase for sales, “pointing out that since January, when cement prices started to fluctuate, sales have significantly decreased.”
According to her, “January and February is our peak sales period but everywhere is just quiet. N9000 for a bag of cement is too expensive and would discourage people from starting any project.”
BUA is paying lip service at N3,500 per bag.
The price of cement has increased for all of Nigeria's leading cement producers, with Dangote cement selling for an average of N9,500. Conversely, some stores sold Elephant cement for N9,500, while BUA cement was retailing for N9,000.
The rise in the cost of BUA cement is especially noteworthy. According to the company's chairman, Abdulsamad Rabiu, the price of BUA cement will be fixed at N3,500 following a meeting with President Tinubu in October.
The rise in cement prices is consistent with a forecast made by Cardinal Stone, which indicated that higher production costs would keep cement prices high in 2024.
Dangote Cement included a financial report for March 2023.
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