Lagos, February 15, 2024 – Retailers in Lagos are grappling with a sharp increase in the price of cement, with a 50-kg bag now fetching around N9,500 in many outlets across the city.
According to reports from Nairametrics, the price surge has been significant, with the cost skyrocketing from approximately N6,000 to N6,500 in January to over N9,000 as of Thursday.
The sudden spike has prompted some retailers to halt sales amid fears of further price hikes in the near future, exacerbating concerns among consumers and industry observers.
The price surge is not limited to a specific brand, as it affects major cement producers operating in Nigeria. Dangote Cement is reportedly selling for an average of N9,500, while BUA Cement is pegged at N9,000. Similarly, Elephant Cement is being sold at N9,500 in some retail outlets.
The current situation starkly contrasts with assurances made by BUA Chairman Abdulsamad Rabiu during a meeting with President Bola Ahmed Tinubu in October 2023. At the time, Rabiu had pledged to maintain the price of cement at N3,500.
However, earlier warnings issued by the Cement Producers Association of Nigeria hinted at the possibility of prices soaring to N9,000 from the previous level of around N5,000.
The surge in cement prices underscores the challenges faced by consumers and retailers alike as they navigate volatile market conditions and grapple with the implications of rising costs on construction projects and the broader economy.
