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Cement: Retailers explain why prices are dropping

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The cement market, in the last couple of weeks, has seen a significant turnaround with prices tumbling from between N10,000 and N15,000 per 50kg bag to between N7,000 and N8,000.

The sudden rise in the prices of cement and other major building materials in February this year introduced upsets in the construction industry, especially in real estate, where many developers were forced to abandon building sites.

A recent market survey conducted by BusinessDay in different locations across the country confirmed a price drop, ranging between N7,000 and N7,500 per bag, though BUA cement is selling for N7,500 to N7,800 per 50kg bag, depending on location.

Both retailers and major distributors who spoke to BusinessDay explained that the price drop is due to low demand and government’s intervention. At the peak of the price hike, the federal government called a meeting with major producers where it was agreed that a bag of cement should sell for N7,000 to N8,000, depending on location.

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But the producers did not comply with this agreement immediately. “Nigerians stopped demanding for cement; many project sites were abandoned as developers sat back and waited for the prices to come down. 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, told our correspondent in Abuja.

In the Nyanya area of the Federal Capital Territory, a 50-kg bag of Dangote cement now sells for between N7,000 and N7,500, while BUA cement sells for between N8,500 and N9,500, down from between N11,000 and N12,000 respectively.

In Lagos, the product has seen significant price drop too. In Ojo area of the state, Sebastin Ovie, a dealer, told our reporter that what has happened is a crash 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 significant drop from the average of N12,000 which most dealers were selling in February and March,” he said.

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A dealer in Agege area of the state who identified himself as Taofik Olateju, told our reporter that sales are picking up due to the drop in price. He recalled that Nigerians at a point stopped buying due to the high price of the product at N15,000 per bag.

“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.

Continuing, Olateju noted that “because the naira is now doing well against the dollar, it will be unreasonable for manufacturers to continue to sell the product at the old prices. I also believe that the federal government’s intervention and the threat to license more importers may have worked, leading to the reduction in price,” he stressed.

In Enugu, our correspondent reports that the product sells for between N7,200 and N7,500 depending on the brand and location. “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.

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He added that the prices of other building materials, especially iron rods, have also dropped considerably which is why, he said, activities are picking up again at construction sites.

The story is slightly different in Owerri, the capital of Imo State, where Innocent Okonkwo told our reporter 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.

Sundry market observers are optimistic of further price reductions, but they remain cautious as manufacturers, wholesalers, and retailers continue to play critical roles in setting prices for end-users.

They lament, however, that despite Nigeria’s status as one of the largest producers of cement in Africa, the price of the product continues to rise, particularly in the face of high inflation impacting the building materials market generally.

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Okpala in Abuja highlighted the variations arising from direct sourcing from manufacturers versus procurement through dealers, with traders holding old stocks selling products at prices ranging from N8,500, N8,300 to N8,000 per bag.

Lucy Nwachukwu, another dealer in Abuja, pointed out the significance of procurement volume in determining cement costs, noting that stability in prices has been observed over the past month, with the product retailing for between N7,000 and N7,800 depending on the brand.

Read also: Dangote Cement, Nestle, GTCO, Zenith, MTNN, others hold superior returns -Coronation Research

Kabir Rabiu, the Group Executive Director of BUA Group, in an interview on Aries TV, emphasized the commitment of manufacturers to prioritize the needs of Nigerian consumers, stressing the importance of addressing the role of middlemen in the pricing equation.

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It should be noted, however, that the collective efforts of manufacturers, wholesalers, retailers, and governmental bodies remain imperative in ensuring continued affordability and accessibility of cement for all Nigerians.

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Canada’s Ontario Opens New Permanent Residence Programme For Foreign Workers

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The Canadian province of Ontario has opened applications for its newly introduced Workforce Priority Stream, creating a fresh pathway for eligible foreign workers seeking permanent residence through the Ontario Immigrant Nominee Program (OINP).

The province announced that, effective August 4, 2026, eligible foreign nationals can now submit an Expression of Interest (EOI) through Ontario’s e-Filing Portal, provided they have a qualifying job offer from an eligible employer in the province.

According to a post shared on the Canada Visa X account on Wednesday, the new immigration stream is structured into three categories: one for higher-skilled workers, another for lower-skilled workers, and a third for self-employed physicians registered to practise in Ontario and eligible to bill the province’s public health insurance plan, the Ontario Health Insurance Plan (OHIP).

To be considered for provincial nomination, applicants must create an EOI linked to a qualifying job offer submitted by an eligible employer through the OINP Employer Portal.

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Although the Workforce Priority Stream was officially launched on June 26, 2026, candidates could not enter the selection pool until the e-Filing Portal became operational this week.

Ontario said all active EOIs will be assessed under a points-based ranking system introduced on July 20, 2026, with invitations to apply to be issued through periodic invitation rounds.

The province explained that each EOI will remain valid for up to 12 months. Applicants who do not receive an invitation within that period will be required to submit a new Expression of Interest to remain eligible for future draws.

Once invited, candidates will have 17 calendar days to submit a complete application, while their employers must apply for approval of the offered position within 14 calendar days of the invitation.

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Successful nominees under the job-offer categories will receive a provincial support letter, enabling them to apply for a federal work permit while their permanent residence applications are being processed.

Ontario also noted that applicants under the Higher-Skilled Worker Stream and the Self-Employed Physician Stream may qualify for the Enhanced Provincial Nominee Program linked to Canada’s Express Entry system, potentially allowing for faster permanent residence processing.

The Workforce Priority Stream is the first immigration pathway introduced under Ontario’s restructured OINP after the province closed all existing streams on May 30, 2026, as part of a broader overhaul of its immigration program.

The provincial government said additional pathways, including a Priority Healthcare Worker Stream, an Entrepreneur Stream and an Exceptional Talent Stream, will be rolled out during the second phase of the OINP modernisation initiative.

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Troops Rescue 14 abductees, recover 281 rustled livestock in Sokoto

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Troops of the Nigerian Army’s 8 Division Garrison have rescued 14 kidnapped victims and recovered 281 rustled livestock following an operation against bandits in Shagari Local Government Area of Sokoto State.

A security source familiar with the operation disclosed the development to journalists in Sokoto on Wednesday.

The source, who requested anonymity, said the troops responded swiftly to a distress call on Tuesday after bandits attacked Horo Birni Village and abducted several residents while rustling livestock.
According to the source, the troops intercepted the bandits as they were moving the kidnapped victims and the stolen animals, forcing them to abandon their captives and flee.
The operation led to the successful rescue of all 14 victims and the recovery of 281 livestock.

The source attributed the success of the operation to the troops’ prompt response and effective collaboration among security agencies.
“The troops are always battle-ready to tackle all forms of criminality in the country but need sustained community support and vigilance,” the source said.

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In a related development, operatives of the Enugu State Police Command have rescued four kidnap victims during separate operations in Enugu and neighbouring Benue State, while recovering the body of another victim who was allegedly killed by his abductors.

The Command’s spokesperson, SP Daniel Ndukwe, said the rescues were carried out through coordinated intelligence-led operations involving police operatives, the Nigerian Army, the Enugu State Forest Guards, neighbourhood watch personnel, vigilante groups and the Benue State Civil Protection Guards.
One of the operations led to the rescue of two brothers who were abducted at Ezimo-Ulo in Udenu Local Government Area of Enugu State.
According to Ndukwe, operatives from the Udenu Police Division, the Anti-Kidnapping Section of the Command’s Violent Crime Response Unit (VCRU), the Distress Response Squad (DRS) and the Orukam Police Division of the Benue State Police Command tracked the kidnappers to Ikele in Owukpa Community, Ogbadibo Local Government Area of Benue State.

The operation, which also leveraged the Inspector-General of Police’s Handshake Patrol initiative, culminated in a gun battle that forced the kidnappers to flee with suspected gunshot wounds, allowing the victims to be rescued safely.

Security operatives recovered 15 rounds of live ammunition, the victims’ Android phones and car keys, other mobile phones and accessories, a bottle containing substances suspected to be hard drugs and related paraphernalia, clothing items and ₦11,800 from the kidnappers’ hideout.
The victims were later debriefed and reunited with their family.

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In a separate operation, operatives of the Umabor Police Division, working with the Anti-Kidnapping Section of the VCRU, the Enugu State Forest Guards and neighbourhood watch personnel, rescued two other victims who had been kidnapped at Amukpa Village in Ogbozara Community, Nsukka Local Government Area.

Police, however, said another victim did not survive the ordeal. His decomposing body was recovered from a forest, where investigators believe he died from gunshot wounds inflicted by the kidnappers while in captivity.
Ndukwe said investigations were ongoing and that security operatives had intensified efforts to track down the fleeing suspects involved in both incidents.

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Finally, Woro Abductees Regain Freedom — Kwara Govt

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No fewer than 176 abducted during the deadly February 3 terrorist attack on Woro and Nuku communities in Kaiama Local Government Area of Kwara State have regained their freedom.

The development was announced on Wednesday in a post on the official Facebook page of the Kwara State Government, which was sighted by our correspondent.

The government wrote, “Alihamdulillaah and kudos to President Bola Ahmed Tinubu GCFR, security forces, and everyone who played a role in this huge feat. We are grateful!”

The victims, who are mostly women and children, were abducted by bandits on February 3, 2026.

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Addressing a Channels Television crew in her office, the Commissioner for Communication, Bola Olukoju, expressed appreciation to President Tinubu, the military hierarchy, and the state governor for their roles in securing their release.

She said efforts to secure their freedom had been ongoing, adding that the exact number of those released could not be disclosed yet until further information is received from the military, who currently have the victims in custody.

“Yes, our Woro victims have been released. We are still awaiting more details from the military, but first and foremost, we would like to say a big thank you to the President, Bola Ahmed Tinubu, and the Nigerian military, and our governor, Mallam AbdulRahman Abdulrazak, who hasn’t rested since it happened,” the commissioner said.
“And he has been on it. When people ask: what is he doing? What has been going on behind the scenes, but because it’s a security issue, we can’t tell people about what we are doing.
“But to God be the glory; they have been released. We’re expecting more details.”

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