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Nigeria’s Cement Price Soars by 100% in Three Years, Amidst Economic Hardship

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Over the past three years, the price of cement in Nigeria has surged by 100%, driven by soaring inflation and economic difficulties.

Reports indicate that the cost of cement skyrocketed from 3,300-3,500 Naira per 50 kg bag in 2021 to a peak of 7,000 Naira in February 2024.

Last year, the Cement Producers Association of Nigeria cautioned that the government’s proposal to implement concrete roads could further escalate cement prices from 6,000 to 9,000 Naira.

According to the association, “Our survey results from various regions of the country demonstrate that cement is being sold for as high as 6,000 Naira per bag during the rainy season.”

“We anticipate that it will reach over 9,000 Naira per bag during the dry season, especially with the announcement from the Minister of Works on cement technology and the directive on housing by the President if the government fails to take proactive measures,” it stated.

The National Bureau of Statistics, in its December Consumer Price Index, reported a headline inflation rate of 28.92% in Nigeria, causing building materials, including cement, to experience a sharp price increase nationwide.

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