In 2021, the retail price of cement recorded in Lagos and Ogun states ranged between ₦3,300 and ₦3,500. Apart from the cement industry, the building material sector has been directly hit by the arbitrary increase in the cost of cement as noted in the prices of building blocks. The increase in the price of cement per bag also comes on the heels of the warnings issued by the Cement Producers Association of Nigeria against the FG’s plan to introduce concrete roads. The group warned that the plan will increase the price of cement to ₦9,000 per bag from the current price of ₦5,000. While analysing the cement industry for 2024, an investment management firm, Cardinal Stone in a report titled, ‘Nigeria Cement Rebounding from a Tumultuous Year’ predicted high cement prices in 2024.

Source: Daily Nation February 12, 2024 13:21 UTC