Amid promises by the Chairman of BUA Group, Abdulsamad Rabiu to crash cement prices from over N5,000 per bag of 50kg to N3,500, a new report by Cardinal Stone, an independent, multi-asset investment management firm has projected that cement prices in 2024 will remain high.
The report released on January 9, 2024 titled “Nigeria Cement Rebounding from a Tumultuous Year” noted several factors that affected the cement industry in 2023.
Some of the factors, according to the report included the poorly executed naira redesign which led to cash scarcity, currency devaluation in June, and heavy rainfalls during the third quarter of the year.
