JUST IN: Dangote Cement Latest Price Update for 25th February 2024

In the bustling Idimu area of Lagos state, the cement market is witnessing a disconnect between agreed-upon prices and the reality on the ground. Contrary to the reported agreement that cement should be sold for N7,000, retailers are currently offering the product for prices ranging between N10,000 and N11,000....READ FULL ARTICLE

A local retailer, known as Alhaja, dismissed the purported N7,000 price tag as a mere hoax. She asserted that during negotiations with the Federal Government, Dangote blocked all payment portals. When the portals were eventually reopened, the price had experienced a notable hike. Alhaja revealed, “Even BUA, which initially sold for N3,500, was the first to increase prices. The Dangote payment portal was blocked last week, only to be reopened with an additional N400 increment. The noise about N7,000 is simply in the media; it’s not reflective of the actual market conditions. We hope for a swift resolution as this price surge is significantly impeding business operations.”

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Another outlet, facing a shortage of stock, supported Alhaja’s claims. The anonymous owner lamented, “At this point, I don’t know what else to do. Cement is currently off-limits due to uncertainties in restocking. The N7,000 price circulating in the news is unrealistic. After manufacturers met with the government, the price witnessed a further increase of N400. We fervently hope for a return to normalcy soon.”

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The discrepancies between the reported agreement and the prevailing market prices underscore the challenges faced by retailers in maintaining affordable prices for consumers. As the situation unfolds, industry players eagerly await a resolution that aligns with the initially proposed N7,000 price point, fostering a more conducive business environment….READ FULL ARTICLE

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