Monday, July 22, 2024

Price of cement hits record high, now sells for N6,000

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Price of cement is said to be at record high in most states in Nigeria.

A bag which sold for N4,700 weeks ago, rose to between N5,500 and N6000 depending on the supplier and one’s bargaining ability.

The fresh increase was implemented recently by distributors across the country, as high inflation impacted the building materials market.

Dealers and retailers were jolted by the new regime of prices, as they were allegedly not given any prior notice.

A dealer in Lagos, Ibrahim Oyenuga said they were jolted by rise and many went out shopping for increased stocks in anticipation of further price increases.

Proprietor of a cement brick products company and a building contractor, Hassan Ayedun, said the sudden rise of cement price will also change the cost of building works.

He said the price of cement bricks would also be affected by the recent development.

He said, “A 6 inch brick before the increase sells for N350 while the price for 9 inch starts from N400. The recent price increase in cement products will change price of bricks and even lower its quality.”

He said there were indications that other building materials would also increase in price because “Pop cement which sold for N6000 before is now N8, 000.”

The cement production market in Nigeria is dominated by three major producers.  Dangote is controlling about 60.6 per cent of the market, BUA 17.6 per cent and Lafarge 21.8 per cent.

Market research shows that prices of building materials have soared by over 70 per cent between last year and July 2023. A 50 kilogramme bag of product now sells between N4, 900 and N6, 000 in Lagos areas, Ogun, Ondo and Abuja, while in some locations, it goes for between N4, 750 and N4, 800.

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