Cement price drops in Lagos

Cement price drops in Lagos
10 March 2008

The price of cement, which rose above N2,000 a couple of weeks ago has dropped to around N1,800, Daily Trust Market Survey in Lagos yesterday has shown.  
Daily Trust’s checks at major cement market at Abule-Egba in Lagos showed that the product is now being sold for between N1, 700 and N1, 800 depending on the brand and the location of the cement seller.  
At Akute, a border town between Lagos and Ogun State, the product is sold for N1,800 per bag, while it is sold at Abule-Egba for between N1,600 and N1,700 per bag, depending on the brand of the product.  
One of the sellers at Abule-Egba, Mrs. Abosede Biliaminu, in an interview with Daily Trust disclosed that the price began to drop when the first consignment arrived the country last week.  
Mrs. Biliaminu said that the news of the arrival of the consignment forced the price of the product down, adding that people who are initially hoarding the product with the intention that the price might still go up started to sell, thereby forcing the price down.  
Ajisafe Moruf is another cement seller at Akute who said that local cement companies are colluding with sellers of the product to hike the price. He said with the federal government resolve to reduce the price of cement, the price of the product will soon reduce below the present cost.  
It would be recalled that the Minister of Commerce and Industry, Engineer Charles Ugwu has said recently at a public forum that the Federal Government granted license to stakeholders in the cement industry to import the commodity in bulk, in order to satisfy the local demand.   
Published under Cement News