See more as Traders increase cement prices again despite FG's warning

• A caller marketplace survey has revealed that the terms of cement has accrued contempt the national authorities warning
• David Umahi, Minister of Works of Nigeria, had earlier called connected cement manufacturers to trim the terms to N7,000 oregon helium would study them to President Tinubu
• Despite the warning, to the manufacturers, the mean terms for a 50kg container of cement continues to emergence

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Financial Derivatives Company Limited has reported that the mean terms of a 50kg container of cement has accrued to N9,700 successful April 2025.

The caller terms represents a 15.48% leap compared to the erstwhile terms of N8,400 mean terms successful March 2024.

FDC disclosed the changes successful its latest commodity update for April.

Cement prices summation caller survey shows Photo credit: Bloomberg/contributor
Source: Getty Images

The think-tank concern institution besides said that the current terms of cement is present the highest level successful 2025.

Dangote Cement Plc., BUA Cement, Lafarge Africa (WAPCO) Plc., Ibeto Cement Company, United Cement Company of Nigeria Ltd., Ashaka Cement, Niger Cement Company, and Eagle Cement Corporation are large players successful Nigeria's cement industry, ThisDay reports.

New cement terms contempt Umahi's warnings

The caller cement terms quoted successful the FDC survey comes contempt the informing issued by David Umahi, the Minister of Works of Nigeria, that cement producers indispensable slash prices to N7,000 per bag, The Sun reports.

Speaking during a meeting successful February 2025 cited that the naira has stabilised astatine astir N1,400 per dollar successful the forex markets and that petrol prices person dropped, creating a conducive situation for reduced cement costs.

Umahi raised concerns that the existent terms of a container of cement has remained astatine supra N9,000, stating that since manufacturers justified terms increases erstwhile the dollar was astir N2,000, the naira's betterment means it is clip for adjustments.

His words:

"Our contractors person called and complained that they wanted to determination backmost to asphalt. We are utilizing this mean to archer the cement manufacturers that astatine the time, the dollar was astir N2,000, they accrued cement from N7,500. "Why should contiguous that the President has brought dollar to stableness to astir N1400, and is inactive going down, wherefore should cement beryllium selling for N9,500? We are requesting cement manufacturers to bring down the outgo of cement to N7,000. If aft 1 week they don't bash that, I person to kick officially to Mr. President."

Despite the warning, nary cement shaper reduced the terms to N7,000 per bag.

Reps contented caller directives to Dangote, others

Earlier, Legit.ng reported that Nigeria’s 3 biggest cement manufacturers - Dangote, BUA, and Lafarge Africa - recorded astir N710.3 cardinal successful the past twelvemonth arsenic hikes successful income and higher prices reduced pressures connected operations.

The 3 manufacturers, however, incurred immense forex losses, which affected their nett profits.

The firms’ full income accrued from N2.35 trillion successful 2022 to N3.076 cardinal successful 2023. Their operating expenses roseate from N799.79 cardinal successful 2022 to N910.99 cardinal successful 2023.

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Source: Legit.ng