Update On Dangote, BUA, Lafarge Cement Today 26th February 2024

In the latest developments, key players in Nigeria's cement industry, including Dangote Cement, BUA Cement, and Lafarge Africa, reportedly hammered out an agreement with the federal government to limit the price of a 50kg cement bag within the range of N7,000 to N8,000. This accord was the outcome of negotiations led by Minister of Works, David Umahi, in Abuja on February 19, 2024.

Despite this accord, an inquiry by Legit.ng uncovered that retailers are not adhering to the agreed pricing structure. The intended reduction, designed to have a positive impact on construction projects nationwide, appears to be elusive, with prices allegedly surging in various regions. CONTINUE READING.....

Present Cement Price Landscape in Nigeria:

1. Dangote Cement Plc: Retailers are currently offering Dangote Cement at prices ranging from N11,000 to N12,500, well above the agreed-upon range.

2. Lafarge Africa Plc: Lafarge Cement is reportedly being sold within the range of N12,000 to N14,000, signifying a departure from the agreed pricing parameters.

3. BUA Cement: Despite the agreement, BUA Cement is allegedly being retailed at prices between N10,000 and N11,000.

4. UNICEM Cement: The survey suggests that UNICEM Cement is available for purchase within the range of N12,000 to N14,000.

5. Ibeto Cement: Ibeto Cement is reportedly priced between N10,000 and N11,000, contradicting the agreed-upon range. CONTINUE READING.....

The ongoing disparity in prices has raised concerns, as retailers seem hesitant to implement the agreed-upon reduction. Despite assurances from the Cement Producers' Association of Nigeria (CEPAN) to collaborate with the government to bring down prices within 30 days, challenges such as the foreign exchange crisis are cited as reasons for the persistent price hikes.

It is imperative for stakeholders to promptly address these challenges to ensure that the intended benefits of the agreement reach consumers and positively impact construction projects nationwide.

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