Prices escalate by 35% in Nigeria

A rise in cement demand coupled with insufficient supply from the major cement producers has driven up prices by 35 per cent in Nigeria.

An investigation carried out by The Punch publication indicated that a 50kg bag of cement, which cost between NGN2400 (US$6.32) and NGN2600 as of September this year, now sells for NGN3500.

Stakeholders attributed the recent hike in price, which started in October this year, to a supply shortage resulting in “artificial” scarcity.

According to the report, although the price of ex-works cement had not changed, retailers and distributors were profiting from the poor supply by increasing prices.