This post has already been read 2190 times!
In Nigeria, the price of cement has surged by 100% over the past three years due to high inflation and economic hardship. The cost of cement per 50 kg bag has increased from N3,300-3,500 in 2021 to a record high of N7,000 in February 2024.
Last year, the Cement Producers Association of Nigeria warned that the government’s plan to implement concrete roads would further drive up cement prices, with estimates reaching as high as N9,000 per bag.
Various parts of the country have already experienced high cement prices, with rates reaching up to N6,000 per bag during the rainy season. The Cement Producers Association predicts that prices could exceed N9, 000 per bag during the dry season if the government does not take proactive measures.
The National Bureau of Statistics has reported that Nigeria’s headline inflation reached 28.92% in December. This means that building materials, including cement, have become significantly more expensive throughout the country, paralleling the rising cost of food.
