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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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Reps Launch Nationwide Probe into Illegal Mining, Vow Crackdown on Revenue Leakages

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By Gloria Ikibah

The House of Representatives has commenced a comprehensive investigation into illegal mineral exploitation across Nigeria, pledging to tackle the activities of criminal networks draining the country’s vast mineral resources.

The move was the resolution at a high-level stakeholders’ workshop on extractive industry governance organised by the House Ad Hoc Committee on Mineral Exploitation, Security and Anti-Money Laundering on Monday in Abuja.

Declaring the workshop open, Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, described the committee’s assignment as one of the most significant responsibilities before the National Assembly.

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He lamented that for years, illegal operators had continued to exploit Nigeria’s mineral wealth, depriving the country of much-needed revenue and weakening its economic potential.

Abbas explained that the workshop was designed to gather credible information, evidence and practical recommendations from regulators, security agencies and operators within the extractive industry before the House considers further legislative action.

He urged participants to speak openly and contribute meaningful solutions.

According to him, “Nigeria cannot achieve economic diversification, fiscal stability or job creation if the sector that should be a second revenue pillar is bleeding from illegality and opacity.

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“This is not an inquisition; it is a partnership. Withhold nothing, speak plainly and proffer solutions. The success of this intervention depends on the quality of information we receive and the sincerity of purpose we all bring to this room”.

Earlier, Chairman of the House Ad Hoc Committee on Mineral Exploitation, Security and Anti-Money Laundering, Rep. Sanni Abdulraheem, said the committee was also examining whether existing laws and regulatory institutions were strong enough to close loopholes that continue to encourage illegal mining.

He explained that the investigation will also trace the financial networks through which proceeds from illegal mining are concealed and laundered, while assessing whether security arrangements around mining communities are adequate.

Abdulraheem identified illegal mining, weak enforcement and money laundering as the major factors responsible for the disconnect.

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“Nigeria is blessed. Few nations on earth carry the range and richness of mineral deposits that lie across our states—gold, lithium, tin, coal, tantalite and many more. On paper, these resources should be transforming livelihoods, funding schools and hospitals, and strengthening our national economy. Yet, for too long, a troubling gap has persisted between the wealth in our ground and the prosperity in our communities.

“That gap has a name: illegal mining, weak enforcement, and the laundering of proceeds that should belong to the Nigerian people. It is a gap filled instead by criminal networks, by revenue leakages we can no longer afford to ignore, and by security threats that have, in some of our communities, turned mineral-rich land into contested and dangerous territory”, hesaid.

The lawmaker noted that the committee had already engaged several government agencies and, where necessary, issued summons to compel cooperation.

He emphasised that the exercise was not intended to create confrontation but to ensure transparency and accountability.

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“Oversight without candour achieves nothing, and reform without accurate information is guesswork dressed as policy,” he added.

Abdulraheem maintained that addressing illegal mining required collaboration among regulators, security agencies, financial intelligence institutions, state governments, traditional rulers, licensed operators and civil society organisations.

He also commended security agencies, particularly the Nigeria Security and Civil Defence Corps (NSCDC) and the Mining Marshals, for their efforts in protecting the country’s mineral resources.

According to him, “We must understand your capacity gaps honestly, so that we can recommend the support and reform you genuinely need.”

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He further noted that illicit mining proceeds often pass through complex financial channels that require coordinated efforts to track and dismantle.

“Illicit proceeds do not vanish—they move through accounts, shell arrangements and cross-border channels that can be traced with the right tools and the right political will. We look to your expertise to help this Committee and the nation close those channels,” he said.

He therefore assured participants that all submissions, data and recommendations received during the workshop would form part of the committee’s final report to the House.

Also speaking at the event, the Nigeria Security and Civil Defence Corps disclosed that its Mining Marshals had arrested more than 671 suspected illegal miners across the country, with 397 already facing prosecution.

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Representing the Commandant-General of the NSCDC, Ahmed Audi, the Commander of the Mining Marshals, Attah Onoja, said the Corps had dismantled several illegal mining sites, leading to improved government revenue and renewed investor confidence in the sector.

He, however, identified inadequate logistics, limited manpower, delays in the judicial process and interference from organised criminal syndicates as major obstacles to effective enforcement.

Onoja called for increased funding, improved surveillance technology and the establishment of specialised courts to handle mining-related offences more efficiently.

The workshop attracted regulators, security agencies, industry operators and other stakeholders, who pledged to support efforts aimed at sanitising Nigeria’s mining sector and ensuring that the country’s mineral resources contribute meaningfully to national development.

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Tinubu Flags Off Tungan Madaki-Zuba Road(Photos)

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… Moves to Deepen Integration of Satellite Towns into Abuja Development plan

President Bola Ahmed Tinubu on Monday, advanced his administration’s drive to integrate satellite communities into the Federal Capital Territory’s development framework with the flag-off of the construction of the access road linking Tungan Madaki to the Abuja-Kaduna Expressway through Zuba.

The President, represented by the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, said the project is part of the Renewed Hope Agenda aimed at ensuring that rural and suburban communities benefit from the same level of infrastructure development as residents of the city centre.

According to him, the road project formed a critical component of a broader strategy to connect communities, stimulate economic activities, improve mobility and unlock investment opportunities across the FCT.

“This project is a direct continuation of the road from the Bill Clinton Drive to Tungan Madaki Community Road which we commissioned a few weeks ago as part of the activities marking the third anniversary of the Renewed Hope Administration.

“What began as one road is now growing into a network, and that is how real development takes root,” Tinubu said.

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The President noted that residents of Tungan Madaki, Zuba and neighbouring communities, many of whom are farmers, traders and students, have endured years of poor road access that hindered movement, increased transportation costs and limited economic opportunities.

He explained that the new road would provide a direct link to the Abuja-Kaduna Highway, reduce travel time, lower vehicle maintenance costs and facilitate the movement of goods and services.

“This new road will link Tungan Madaki directly to the Abuja-Kaduna Road, cutting travel time, reducing vehicle maintenance costs, and opening a faster route for people and goods.

“It will connect rural productivity to urban opportunity. When farmlands are opened, food becomes cheaper in our markets. When communities are connected, young people have more reason to build enterprises at home,” he stated.

Tinubu further stressed that infrastructure development remains central to his administration’s economic agenda, describing roads as catalysts for prosperity, security and social inclusion.

“Infrastructure is not just concrete and asphalt. It is the bridge between potential and prosperity, and that is the core of the Renewed Hope Agenda,” he added.

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The President said the project would also ease traffic pressure on the Abuja city centre, provide alternative routes for commuters and strengthen the economic corridor between the FCT, Kaduna and the wider North-West region.

He noted that improved infrastructure along the axis would encourage investments in housing, healthcare, education and industrial development.

Commending the Minister of the Federal Capital Territory, Nyesom Wike, for the pace of infrastructure delivery in the capital city, Tinubu said the administration was witnessing a renewed emphasis on project completion and measurable results.

“From major highways to community access roads like this one, we are seeing a return to planning, a rejection of abandoned projects, and a focus on results that citizens can feel,” he said.

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The President also directed the contractor to ensure timely completion and quality delivery of the project while engaging local labour to create employment opportunities for youths in the area.

Earlier, FCT Minister, Barr. Nyesom Wike, said the road project was in line with Tinubu’s directive that all satellite towns and area councils should be adequately connected to the city centre through modern road infrastructure.

Wike disclosed that the project emerged after the Chairman of Gwagwalada Area Council drew the administration’s attention to the need for a direct link between Zuba and Abuja to reduce travel stress on residents.

“It has been the directive of Mr. President that all communities and all satellite towns must be linked up to the city. What we are doing today is to fulfil that promise that Mr. President made to Nigerians,” Wike said.

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He explained that upon completion, residents of Zuba and adjoining communities would enjoy easier access to Abuja and the Nnamdi Azikiwe International Airport without having to travel through Gwagwalada.

The minister described the project as another milestone in the FCT Administration’s efforts to open up rural communities and improve the quality of life of residents.

He expressed optimism that the contractor, China Civil Engineering Construction Corporation, CCECC, would complete the project before the end of the year.

“We are putting pressure on them to ensure that by December, by the grace of God, we will commission this road. For the people of Tungan Madaki and Zuba, this is a Christmas gift,” Wike said.

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While delivering a vote of thanks, FCT Minister of State, Dr. Mariya Mahmoud, stated that the construction of the access road from Tungan Madaki to the Abuja–Kaduna Road at Zuba was another bold demonstration of the commitment of President Bola Ahmed Tinubu’s Renewed Hope Agenda and the FCT Administration’s determination to extend infrastructure and economic opportunities to underserved communities.

Mahmoud also said the road would significantly improve connectivity, stimulate commerce, attract investment, and enhance the quality of life of residents across Tungan Madaki, Zuba, and neighbouring communities.

According to the Minister, the project reflects the Federal Capital Territory Administration’s unwavering resolve to ensure that no community is left behind in the ongoing transformation of the nation’s capital.

She expressed profound appreciation to President Bola Ahmed Tinubu, for providing the visionary leadership that has continued to drive unprecedented infrastructure development across the Federal Capital Territory through the Renewed Hope Agenda.

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Sad: Gunmen k!ll 300-level varsity student, abduct palace secretary, four others in Edo

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Unidentified gunmen suspected to be kidnappers have reportedly killed a 300-level student of the Ambrose Alli University, AAU, Ekpoma and abducted five others in Edo State.

The incident happened separately on Friday, July 10, and Sunday, July 12, 2026 in Idoa and Ekpoma communities, respectively.

In the accident that happened on July 12, 2026, a student whose identity is yet to be ascertained was reportedly abducted on the night of the fateful day when the gunmen invaded his residence. A woman was also allegedly abducted by the assailants on the same day.

The killing of the student and the abduction of the woman was disclosed in Esan Political Assembly facebook page.

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In the Idoa kidnapping incident, the gunmen abducted the secretary to the palace of the community alongside three children.

It was gathered that the victims were abducted on Friday morning, July 10,2026.

A source who said the secretary is his brother and the children those of his neighbours, added that the abductors have demanded for N30 million ransom.

He said the abductors threatened to kill the victims if the ransom was not paid before the end of July 13.

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According to him, my brother was kidnapped on Friday morning at the Idoa community, in Esan west Local Government Area. He is the secretary of the Idoa palace. They are demanding for N30 million.

“He was kidnapped alongside other small children that were with him. His vehicle broke down on his way to the farm and he left it where it broke down.

“The next day, he came back to the place with tools and other things to repair the motor. As he was there to repair the vehicle, gunmen just came out from the bush, rounded them up and took them into the bush.

“They have made contact demanding for N30m ransom and threatened that if we did not bring the money by the end of today, they will kill them.

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“The children are those of his neighbours. The children followed him to where he wanted to repair his vehicle just to give him support, and he was to bring them back home after the repair because they live together,” he said.

While appealing to government and security agencies for intervention for the rescue of the victims, he said the incident has been reported to the Police.

At the time of the report the Public Relations Officer of the Edo State Police Command, ASP Eno Ikoedem, was yet to respond to a message sent to her whatsapp.

Recall that a high-ranking chief of the community, identified as Chief Jimah Jacob Ogboi was on February 26, 2026 reportedly killed and his daughters abducted.

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The gunmen were alleged to have struck in the night and instantly shot the deceased while they used machetes and other dangerous weapons on his wife.

The gunmen who were four in number, allegedly invaded the deceased house, shot him and went away with his two daughters.

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