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Monday, April 15, 2024

Nigerians Express Concern as Cement Prices Soar to New Heights

Nigerians Express Concern as Cement Prices Soar to New Heights

In the past week, the cost of cement in Nigeria has surged to an unprecedented N10,500 for a 50kg bag, causing distress among citizens.

Despite BUA Cement’s recent reduction to N3,500 per 50kg, the price increase is widespread across various manufacturers.

Between February 11 and today, the price of a 50kg bag has skyrocketed to approximately N10,500 in many regions, including Lagos, Ogun, and other states, primarily due to the impact of inflation.

End users are caught off guard by the continuous rise in cement prices, which was not anticipated.

Back on September 25, 2023, the Cement Producers Association of Nigeria had cautioned that the government’s plan to introduce concrete roads might lead to a hike in cement prices, projecting an increase from N5,000 to N9,000.

As of February 12, 2024, reports indicate that the cost has reached N8,000. Wamakko, addressing the repercussions of the escalating prices, emphasized the need for the government to adopt a long-term strategy in addressing the recurring challenge of rising cement prices. He deems it unacceptable for Nigerians to pay more than N3,500 per bag.

REDAN’s leader urges the president to investigate the reasons behind the price surge and take necessary actions to ensure that the promised N3,500 price per bag is maintained by cement manufacturers.

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