Cement Prices Double in Three Years, Hits ₦7,000 per Bag
The price of cement in Nigeria has surged by 100% over the past three years, reaching an astonishing ₦7,000 per bag. This dramatic increase has left Nigerians grappling with the impact of soaring inflation on essential building materials.
In 2021, the cost of a bag of cement ranged from ₦3,300 to ₦3,500 in Lagos and Ogun states. Fast forward to February 2024, and prices have soared to between ₦6,500 and ₦7,000, significantly impacting the affordability of construction projects nationwide.
The ripple effects of this surge extend to the building material sector, with prices of building blocks also experiencing sharp hikes. Stakeholders in the industry attribute this trend to the relentless rise in cement prices, which has hampered production output and increased costs for consumers.
Amidst these challenges, calls for government intervention grow louder, with industry leaders urging the Federal Government to ease regulations and incentivize cement production. However, warnings from the Cement Producers Association of Nigeria about potential further price hikes cast a shadow over the industry’s outlook for the foreseeable future.
As Nigeria grapples with economic uncertainties, the cement industry braces for continued volatility, driven by operational costs, forex market fluctuations, and persistently high inflation levels.