The cement price in Nigeria is on the upward trend as it has jumped to 100 percent in the last three years amid soaring inflation and hardship.
According to findings, cement price leapfrogged from 3,300 and 3,500 per 50 kg bag in 2021 to a record high N7,000 in February 2024.
Recall that last year, the Cement Producers Association of Nigeria (CPAN) warned that the federal government’s plan to introduce concrete roads would see cement rise 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 (NBS) in its December Consumer Price Index, revealed that Nigeria’s headline inflation rose to 28.92 percent.
The implication is that, like food prices, building materials have skyrocketed across the country.
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