Cement Prices in Nigeria Continue to Soar, Leaving Homebuilders Struggling to Cope
The cost of cement in Nigeria has skyrocketed over the past six to eight months, with the average price of a 50kg bag reaching a staggering ₦8,800 nationwide. In some states, the price has even surpassed ₦10,000, leaving many Nigerians reeling from the impact.
The sudden and sustained price hike has sparked widespread concern, prompting the House of Representatives to summon major cement manufacturers, including Dangote and BUA, to address the issue earlier this year. Manufacturers were accused of exploiting exchange rate volatility, engaging in corrupt practices, abusing their power, and manipulating the economy to maintain high prices.
Despite these allegations and discussions with lawmakers, cement prices remain unaffordable for many Nigerians, dealing a severe blow to individual homebuilders who are struggling to finance construction projects.
Lawmakers have attempted to intervene, but so far, their efforts have yielded no tangible results. The high cost of cement continues to burden citizens and the construction industry, causing widespread discontent.
To give you an idea of the current prices, here’s a breakdown of major cement producers:
Dangote Cement
The current price of Dangote cement varies depending on location, but it stands at around ₦8,650 per 50kg bag.
BUA Cement
BUA cement retails for ₦7,000 per 50kg bag.
POP Cement
Pop White Cement or Plaster Cement is priced at ₦10,300 per 50kg bag.
Lafarge Cement
