NEWS

Nigeria’s Cement Price Rises By 100% In Three Years

The cost of cement in Nigeria has surged by 100% over the past three years, driven by high inflation and economic challenges.

The price of cement skyrocketed from ₦3,300-₦3,500 per 50 kg bag in 2021 to a staggering ₦7,000 in February 2024. Additionally, the Cement Producers Association of Nigeria cautioned last year that the government’s proposal to implement concrete roads could further elevate cement prices from ₦6,000 to ₦9,000.

“Our findings from various parts of the country show that cement sells for as high as N6,000 per bag in the rainy season.

“We predict that it will sell for over N9,000 per bag in the dry season, especially with the pronouncement of the Honourable Minister of Works on cement technology and the marching order on housing by Mr President if the government does not take proactive steps”, it stated.

According to the December Consumer Price Index released by the National Bureau of Statistics, Nigeria’s headline inflation surged to 28.92 percent. This suggests that, similar to food prices, the cost of building materials has soared nationwide.

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