Dealers Quote New Price for Bag of Cement, Concrete Block
- Cement manufacturers have adjusted the product price again amid rising production costs and the depreciation of the naira.
- Reports reveal that the average price of a bag of cement across the country is now above N8,000
- There is also an increase in the price of concrete blocks and other building materials in the country
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.
Cement dealers have raised the price of a 50kg bag of cement to between N8,800 and N9,000, depending on location.
Similarly, the price of concrete blocks and other building materials has skyrocketed.
Source: Getty Images
New cement price
Daily Trust reports that cement prices have surged from N4,000 to N8,800 per bag, representing a 100% increase.
Similarly, the Guardian reports that the cement manufacturers' association in Nigeria once again raised the prices of their brands.
The report showed the retail price for a 50kg bag of cement from N7,500 to N8,500, depending on the location.
In some areas like South East, prices have risen to N9,500.
Building materials increase again
Similar to cement, the cost of building materials has soared. Blocks, which were selling for N250 each last year, are now between N550 and N600, depending on the size.
Iron rods, which range from 10mm to 16mm, cost N800,000 per ton in 2023 and are now N1,600,000 per ton or more, depending on the company.
The cost of paints has also increased as a big rubber, which hitherto cost between N23,000 and N25,000, is now between N46,000 and N50,000.
A dealer in the Ikotun area of Lagos, identified as Bolaji Ogunleye, confirmed the changes in cement prices
He told Legit.ng:
"Yes, my cheapest price for a bag is N7,000. Despite this, sales are strong—I guess because of the festive season approaching."
Mangal Cement addresses N6,000 price
Legit.ng previously reported that Mangal Cement issued a public statement regarding the cost of its cement product, which is circulating on social media.
The company, owned by Katsina-born billionaire Dahiru Mangal, started production in its newly built plant in Kogi state.
The plant can produce 6,000 tons per day of cement, and Nigerians were excited that its entry into the Nigerian cement market would help lower prices.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
Source: Legit.ng
