In a groundbreaking turn of events, major cement producers, including Dangote, BUA, and Lafarge, have jointly decided to implement a substantial reduction in prices, heralding a transformative phase for Nigeria’s construction industry. As of today, consumers can anticipate a more cost-effective pricing range, with cement now available at prices ranging from N7,000 to N8,000 per 50kg bag. Notably, these revised prices will exhibit variations based on the geographical location of purchase.
This pricing adjustment carries profound implications for builders, contractors, and individual consumers alike. Beyond the immediate financial relief, the move is poised to spur heightened construction activities, playing a pivotal role in advancing infrastructure development nationwide. The reduction in cement costs is strategically designed to empower builders and homeowners, facilitating a surge in both residential and commercial construction projects.
READ ALSO: Good News as Federal Government Plans Alternative to Reduce Cement Prices in Nigeria
This unified decision by major cement producers reflects a proactive response to market dynamics, demonstrating a commitment to fostering sustained growth within the construction sector. As Nigeria grapples with economic challenges, the lowered cement prices are expected to act as a positive catalyst for an overall industry resurgence.
As stakeholders across the construction spectrum embrace this price reduction, it signifies a significant stride toward cultivating a more resilient and dynamic construction sector in Nigeria. Stay attuned to unfolding developments as this pricing adjustment takes effect, shaping the landscape of construction activities in the country.
Latest News On Food Price Drop in Kano, Taraba, Kwara, and Other Major States
In a positive development, food prices have decreased in major grain markets across Kano, Taraba, Kwara, and Niger states, providing relief to people facing rising living costs. This positive change follows protests in Lagos, Kano, and Niger states, where concerns over economic difficulties were expressed.
Various interventions and factors have contributed to the decline in food prices. Notably, major feed companies have temporarily stopped purchasing grains, causing a shift in market dynamics. Additionally, measures such as restricting inter-state movement of food items, increased border surveillance to prevent exports, and crackdowns on hoarding have played crucial roles in stabilizing prices.
Key Highlights:
Kano:
Prices of key commodities like maize, soya beans, beans, and rice have dropped at major markets, attributed to the sealing of warehouses accused of hoarding grains.
Taraba:
A decline in prices of maize, millet, sorghum, white beans, soybeans, and dried cassava has been observed, mainly due to the absence of middlemen making bulk purchases.
Kwara:
Significant reductions in the cost of maize at Ajase market, reflecting a positive trend.
Niger:
Residents in Niger State have witnessed a decrease in the price of maize and guinea corn, thanks to the government’s decision to prohibit bulk buying.
Benue and Katsina:
While Benue State has yet to see a notable drop in food prices, Katsina State has reported decreasing prices following the withdrawal of animal feed companies from markets.
Industry Interventions:
Major animal feed producers, including Premier Feed Mills Ltd (PFM) and Olam Nigeria, have temporarily suspended maize offtake, contributing to the reduction in grain prices.
Collaborative efforts between the government, feed companies, and market interventions are creating a more favorable environment for consumers. As the nation addresses these challenges, there is optimism that continued collaborative measures will contribute to further stabilization of food prices nationwide.
RELATED: Latest News On Cement Price After Reduction 20th February 2024
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