Last month’s announcement of price cuts in Nigeria’s cement industry has failed to take hold, according to reports, which suggest that distributors did not see the promised price reduction. Dangote Cement announced early in November that it had cut the price of 32.5-grade cement to N1000 per 50 kg bag and 42.5-grade cement to N1150 per 50 kg bag and other manufacturers declared their intention to follow suit. However, reports indicate that the price of cement has risen to N1745 per bag. Possible reasons for the price hike are given as the devaluation of the naira and issues with gas supply that are putting up the cost of production, while the planned switch to coal has not fully materialised.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/17122014/cement-prices-on-the-rise-in-nigeria-29/