Business & Finance

Concrete Savings: Cement Prices Drop in Northern Nigeria (March 17th, 2024)

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Concrete Savings: Cement Prices Drop in Northern Nigeria (March 17th, 2024)

Builders in Nigeria’s northern regions can finally breathe a sigh of relief. Cement prices, which had previously soared and threatened to stall construction projects, have seen a welcome decline thanks to recent federal government intervention. This is a positive sign for the country’s crucial infrastructure and development sectors.

As of today, March 17th, 2024, a 50kg bag of cement from major brands like Dangote, Lafarge, and BUA falls within the range of N8,000 to N9,500 in northern Nigeria. In some regions, you may find it below this, which is N6500, N6600, up to N7000. This marks a significant decrease compared to the earlier peaks.

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Relief for Builders, Boost for Nigeria’s Development

The previous surge in cement prices had placed a major strain on construction projects across the north. With essential building materials becoming more expensive, numerous initiatives faced delays or even cancellations. This could have had a ripple effect, impacting not just the construction industry but also related sectors like transportation, commerce, and other Nigerians who are using other means with cement.

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The recent price reduction offers a much-needed reprieve. It allows builders to resume or proceed with projects at a more manageable cost. This can lead to increased activity in the construction sector, creating jobs and stimulating the overall economy in the northern part of Nigeria.

READ ALSO: Black Market Naira Exchange Rate Today 17th March 2024

Bulk Purchases: Stretch Your Naira Further

For those undertaking large-scale construction endeavors, consider exploring bulk purchases (trailer loads) directly from cement manufacturers. This option offers even greater savings compared to buying individual bags.

Nationwide Price Trends

While the news is positive for northern Nigeria, cement prices in the southern regions remain unclear at this time. Prices can fluctuate depending on location and distributors. However, the downward trend in the north might be a positive indicator for southern markets as well.

To get the most accurate pricing information for your specific area, contacting local cement distributors or retailers is always recommended.

A Cause for Long-Term Optimism?

Although cement prices have decreased, it’s important to acknowledge that they still remain generally higher compared to other African countries. This highlights the need for continued efforts to ensure a stable and competitive cement market in Nigeria.

The recent price reduction is a positive step in the right direction. It demonstrates the federal government’s commitment to fostering a healthy construction industry and creating a more favourable environment for infrastructure development across Nigeria.

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