Over the past three years, the cost of cement in Nigeria has surged by 100%, driven by escalating inflation and economic challenges. Reports indicate that the price of cement has skyrocketed from 3,300 to 3,500 per 50 kg bag in 2021 to an unprecedented N6,900 to N7,200 as of February 2024.
In the previous year, the Cement Producers Association of Nigeria cautioned that the federal government’s proposal to implement concrete roads would likely result in a further increase in the price of cement, potentially reaching from N6,000 to N9,000.
“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.
The National Bureau of Statistics, in its December Consumer Price Index, said Nigeria’s headline inflation rose to 28.92 per cent.
The implication is that, like food prices, building materials have skyrocketed across the country.
