The cement price in Nigeria rose by 100 per cent in the last three years amid soaring inflation and hardship.
It was gathered that cement price leapfrogged from 3,300 and 3,500 per 50 kg bag in 2021 to a record high N7,000 in February 2024.
Last year, the Cement Producers Association of Nigeria 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, 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.