Cement Prices Surge By 100% In Three Years, Nearing Record Highs

Cement Prices Surge By 100% In Three Years, Nearing Record Highs

As Nigeria grapples with a construction boom amid economic challenges, the price of cement has skyrocketed by 100% over the past three years, reaching unprecedented levels of up to N7,000 per bag…..READ ALSO Government’s Bold Move: Executive Order In The Works To Lower Drug Prices

Investigations by Sunday PUNCH reveal a stark escalation from prices ranging between N3,300 and N3,500 in Lagos and Ogun States in March 2021 to the current rates of N6,500 to N7,000, exacerbating the burden on consumers and industry players alike.

Dangote Cement’s Group Executive Director, Devakumar Edwin, had previously linked the surge to the global spike in demand triggered by the COVID-19 pandemic, forcing the company to prioritize meeting local needs over exports.

In response to the mounting costs, President Igwe Ukaegbu of the Oriental Block and Concrete Producers Association, Enugu State, implored the government to intervene, emphasizing the adverse impact on production and livelihoods within the industry.

Meanwhile, the Cement Producers Association of Nigeria sounded the alarm in 2023, cautioning that government initiatives such as the introduction of concrete roads could further inflate prices to a staggering N9,000 per bag.

With concerns mounting over the affordability and accessibility of cement, industry stakeholders urge swift and decisive action from policymakers to address the root causes of the crisis and safeguard the interests of both producers and consumers alike.