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Cement Hits N11,000 Per Bag In Lagos, Despite FG’s Price Slash Agreement With Manufacturers

Published

10 months ago

Feb 24, 2024.

EKO HOT BLOG reports that in the Idimu area of Lagos State, the price of cement continues to soar, selling between N10,000 and N11,000 per bag, despite an agreement reached with manufacturers to cap the price at N7,000.
This discrepancy has left many retailers and buyers frustrated, questioning the effectiveness of the agreement.

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A local retailer, known as Alhaja, expressed skepticism about the reported agreement, labeling the news that cement should sell for N7,000 as merely a hoax.

She highlighted a significant issue during the negotiation period with the Federal Government, where Dangote Cement, a major manufacturer, allegedly blocked all payment portals. By the time these portals were reopened, prices had already surged again.

This situation has raised concerns among residents and stakeholders in the construction industry, who are feeling the impact of the inflated prices on building projects.

The failure to adhere to the agreed-upon price cap not only strains the wallets of individuals looking to buy cement for personal or business use but also poses broader implications for the construction sector and housing market in Lagos and potentially beyond.

Cement price

The ongoing discrepancy calls for a closer examination of the factors contributing to the persistent high prices and the mechanisms in place to enforce agreements made between the government and manufacturers.

As the situation unfolds, those affected await concrete actions that will lead to a resolution and the stabilization of cement prices at the agreed level.

She said: “Even BUA which was selling for N3,500 was the first to hike prices. In fact, the Dangote payment portal was blocked last week, only for them to reopen it and the price was increased by another N400. All the noise of N7,000 is just in the media, it’s not real.

“But we pray and hope it is effected soon enough because this price hike is really slowing down business.”

Another outlet did not have any stock on the ground. The owner, who pleaded for anonymity, corroborated Alhaja.

He said, “At this point, I don’t know what else to do. Cement is off-limit for now because I don’t even know how to restock. The N7,000 price being bandied in the news is unreal. The price was increased by N400 after manufacturers met with the government. We just hope things return to normal as soon as possible.”
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