Update On Cement Prices in Nigeria As of Today | 12th February 2024
Sunday, 11 February 2024
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In a significant development, cement prices in Nigeria have experienced a notable increase, reaching N7,000 per bag as of February 12, 2024. This surge, compared to N5,000 in December 2023, has repercussions on the construction industry and various regions across the country.
The Cement Manufacturers Association of Nigeria (CMAN) played a pivotal role, raising prices by over N1,000 per bag. Consequently, retail prices have surged to N6,200 or more in Lagos and the Southwest region, while in the Southeast and Abuja, prices have reached N6,500 or higher.
This uptick in cement prices is creating a ripple effect on construction materials. Sandcrete block prices have witnessed an increase, with a six-inch block now priced at N500, up from N450, and a nine-inch block rising from N550 to N600. Ready-mix concrete costs have also gone up, indicating potential challenges for ongoing and future construction projects. CONTINUE READING.....
Dangote Cement Plc continues to lead the industry with a dominating 60.6% market share, boasting an installed capacity of 29.3 million MT. Lafarge Africa Plc follows with a 21.8% share and a production capacity of 10.5 million MT, while BUA Group accounts for 17.6% of the market share.
Stakeholders attribute the price surge to infrastructure challenges, including inadequate transportation networks and an unreliable power supply, resulting in heightened operational costs for cement producers.
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Despite challenges, a Cardinal Stone report projects a rebound in the cement sector for 2024. Factors such as an increased infrastructure budget of N1.32 trillion, the creation of the Infrastructure Support Fund (ISF), and active implementation of the African Continental Free Trade Area (AfCTA) are anticipated to contribute to the sector's recovery. However, the report also foresees cement prices remaining high in 2024 due to producers aiming to offset operational costs, forex market volatility, and persistent inflation. CONTINUE READING.....
Experts, including Mr. Adebayo Adeleke of Lancelot Group and Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), emphasize the vital role of cement in Nigeria's infrastructure development. Adeleke notes the daily price increases due to local production falling short of demand. Yusuf calls for addressing macroeconomic challenges, advocating for better forex market liquidity, a stronger naira, and local production of petroleum products to alleviate the impact of rising construction material costs.
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