Hardship: Nigeria’s Cement Price Rises by 100%, Sells for N7,000 to N9,000

Cement is one of the most essential building materials in Nigeria, but its price has doubled in the last three years due to inflation and scarcity. According to DAILY POST, a 50 kg bag of cement that used to cost between N3,300 and N3,500 in 2021 now sells for a record high of N7,000 in February 2024.

The situation could get worse as the federal government plans to implement concrete roads across the country, which will increase the demand and the cost of cement. The Cement Producers Association of Nigeria (CPAN) warned that cement could reach N9,000 per bag in the dry season if the government does not intervene.

CPAN said that its members have been struggling to cope with the high cost of production, transportation, and raw materials, which have been affected by the devaluation of the naira and the insecurity in some parts of the country.

The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rose to 28.92 per cent in December 2023, the highest in over a decade. This means that the purchasing power of Nigerians has declined significantly, making it harder for them to afford basic goods and services, including food and housing.

The cement crisis poses a serious threat to the construction industry, which is a major contributor to the nation’s GDP and employment. It also hampers the government’s efforts to provide affordable and quality infrastructure for the citizens. Therefore, there is an urgent need for the government, the cement producers, and other stakeholders to find a lasting solution to this problem.

Related Articles

Back to top button