Realinfoteam
The market survey conducted by Legit.ng reveals a significant drop in cement prices from the peak of N15,000 recorded in January 2024. Retailers attribute this decline primarily to reductions in ex-depot prices, following discussions between producers and the Nigerian government.
Since February 2024, demand for cement has decreased as Nigerians resisted purchasing due to its high cost.
Olayinka Olaniyi, a dealer in the Iju-Ishaga area of Lagos, noted the resurgence in sales due to reduced prices, which now range between N7,500 and N8,000 depending on brand and demand. Justice Ike, another seller in the Ogba area of Ikeja, supported Olaniyi’s observations, linking the price drop to adjustments in depot prices by manufacturers.
He also suggested that the appreciation of the naira against the dollar and government intervention might have contributed to the price reduction. John Ikechukwu, a major distributor in Owerri, highlighted low demand as a factor driving the price decline, noting that cement currently sells at N9,000 in the South East regardless of brand. He also attributed the price decrease to the strengthening of the naira against the US dollar.
The rising cement prices, which reached about N9,500 for a 50kg bag in many parts of Lagos and the country, have led to concerns about building collapses, with stakeholders warning about potential safety risks associated with cheaper alternatives.
Retailers have paused sales fearing further price increases from manufacturers due to periodic price hikes.
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