Cement Prices Drop Across Nigeria (See Why)

The story is slightly different in Owerri, the capital of Imo State, where Innocent Okonkwo revealed that low demand was also driving the price drop, adding that a 50kg bag was selling for N9,000 on the average in the state.

“I am sure most dealers ran at a loss then because we had mainly old stocks which we wanted to offload quickly,”he said, confirming that the product sells for between N7,500 and N8,000, depending on the brand and the demand for the brand.

In the Ojo area of the state, Sebastin Ovie, a dealer, told the aforementioned publication that the price has crashed from the January price, attributing the crash to low demand and stronger naira.

“The current price of the product is between N7,000 and N7,500 per 50kg bag, depending on the brand.

“This is a city where the price of a 50kg bag went for as high as N12,000 and N13,000 in some cases in February and March,”Samuel Chikwendu said.

So, what has happened is an inter-play of demand and supply with price responding which is Economics at work,”Collins Okpala, a cement dealer disclosed.

In February, the construction industry faced major disruptions as cement prices soared, causing numerous real estate developers to halt construction projects..

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