Cement price hits N13,000 per bag as Nigerians cry out over rising costs
By Aboki Forex —
The price of cement has surged to as high as N13,000 per bag in many parts of Nigeria, sparking widespread anger among consumers and builders. Just a year ago, a bag of cement sold for about N5,000 in December 2023.
Investigations show that the Cement Manufacturers Association of Nigeria (CMAN) has increased prices across brands. In Lagos and the Southwest, retail prices now range from N12,000 upward. In the Southeast and Abuja, prices have hit N13,000 or more.
The price jump has also affected the cost of concrete blocks. A six-inch block now sells for N600, up from N550. A nine-inch block has risen from N600 to N700 per unit. Ready-mix concrete prices have also gone up, and the cost of in-situ concrete production is expected to climb further.
Three major players control the Nigerian cement market. Dangote Cement Plc leads with a 60.6% market share and a local installed capacity of 29.3 million metric tonnes. Lafarge Africa Plc holds 21.8% of the market with a capacity of 10.5 million MT. BUA Group accounts for 17.6% of the market.
Stakeholders are calling on the federal government to step in. They want the government to issue more licenses to industrialists for cement production to boost supply and bring down prices.
Micah Akinloye, PRO of the Akerele Block Manufacturers Association, told our correspondent that the persistent rise in cement prices is causing serious concern among retailers, builders, block moulders, and ordinary consumers. The surge is expected to worsen economic hardship, pushing up the cost of new homes, rental rates, and building maintenance.