• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, July 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Inflation: Cement Price Rises To N7,000 Per Bag

by Olushola Bello
1 year ago
in Business
cEMENT
Share on WhatsAppShare on FacebookShare on XTelegram

RELATED

Nigeria At 64: ‘Foreign Vessels Coastal Water Domination Collapses Indigenous Shipping’

Freight Rate: Nigeria Loses N7.2trn Annually To Foreign Firms – Report

1 hour ago
CBN Grants RoutePay Licence To Provide Digital Payment Solutions

CBN Imposes $50 Charge On Non-Resident BVN

1 hour ago

The retail price of cement has risen from N5,000 in December, 2023 to between N6,500 and N7,000 per bag as at February 9, 2024, depending on the location in the country.
Investigations revealed that operators under the Cement Manufacturers Association of Nigeria (CMAN) have raised prices of brands by over N1,000 per bag. This has increased retail prices from N5, 000 to N6, 200 or more in Lagos and Southwest region. In Southeast and Abuja, prices have shot up to N6, 500 or higher.
The development has already affected prices of sandcrete blocks. Block makers have increased their prices from N450 to N500 for a six inches block, while the price of a nine-inch block rose from N550 to N600 per block. The price of ready-mix concrete has also increased, while the cost of in-situ production of concrete will rise significantly. Such an increment will worsen the economic situation as prices of new homes and rents will rise, including maintenance cost.

Advertisement

The Nigerian cement industry has three major players with Dangote Cement Plc being the leader, wielding 60.6 per cent of the market share with a local installed capacity of 29.3 million MT. Lafarge Africa Plc has 21.8 per cent share with a production capacity of 10.5 million MT, while BUA Group accounts for 17.6 per cent share.
Stakeholders attributed the increasement to infrastructure challenges, ranging from inadequate transportation networks to an unreliable power supply, compound operational costs for cement producers.
A report by Cardinal Stone titled, ‘Nigeria Cement Rebounding from a Tumultuous Year’ revealed that cement prices in 2024 will remain high, saying, the year 2023 was challenging for the nation’s cement industry occasioned by the poorly executed naira redesign which led to cash scarcity, currency devaluation in June, and heavy rainfalls during the third quarter (Q3).

However, it projected a rebound in the sector’s performance in 2024 based on the increased infrastructure budget for 2024 at N1.32 trillion, the creation of the Infrastructure Support Fund( ISF) by the Presidency, active implementation of the (AfCTA), increased production capacity, among others.
For pricing, the report noted that cement prices will continue to remain high in 2024 due to producers seeking to offset operational costs, volatility in the forex market, and high inflation.
The group executive chairman of Lancelot Group, Mr. Adebayo Adeleke stated that, the Nigeria’s economy is highly reliant on cement for the development of basic infrastructures such as roads, water supply, hospitals, schools, houses ports, saying that although, the domestics dem for cement in Nigeria been expanding rapidly, local production continued to fall short of the dem hence, price of cement in the cement time been increasing daily.
The chief executive officer of Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf stated that this is a reflection of the general macroeconomic environment, a reflection of the inflationary trend.
He pointed out that, “this inflation phenomenon is cutting across all sectors of the economy. And for those in production, their costs are also going up; costs of inputs are going up, costs of transportation are going up and costs of energy are going up.
“Exchange rate is affecting practically all the sectors. Because like many other manufacturing industries, they also have their own imported components in their production ecosystem.
“And any imported item now, or imported inputs, the costs are going up again. So that is what it is. So that means that the cost of construction will go up, our ability to meet housing needs and bridge the housing deficit will also be negatively affected because of the high cost of cement and other construction materials.”
Yusuf added that, “cost of projects will generally go up, all the construction projects that are in the budget. So, a lot of project costs will have to be reviewed, whether in government or in the private sector.”
On the way out, Yusuf explained that, “is for us to address the macroeconomic issues. Macroeconomic challenges of high inflation, depreciating exchange rate, liquidity in the foreign exchange market, high energy costs, among others need to be addressed.”
He called for better liquidity in the forex market; stronger naira, that is a stronger exchange rate, adding that, “we must ensure a local production of petroleum products, which hopefully may bring down the cost of energy. All of those things could help to mitigate the problem.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


SendShareTweetShare
Previous Post

NAQS To Address EU Agro-export Rejection

Next Post

Ban Of Sachet ‘Hot’ Drinks Threatens N800bn Investment – MAN, DIBAN

Olushola Bello

Olushola Bello

You May Like

Nigeria At 64: ‘Foreign Vessels Coastal Water Domination Collapses Indigenous Shipping’
Business

Freight Rate: Nigeria Loses N7.2trn Annually To Foreign Firms – Report

2025/07/08
CBN Grants RoutePay Licence To Provide Digital Payment Solutions
Business

CBN Imposes $50 Charge On Non-Resident BVN

2025/07/08
Why We Are Investing In Critical Infrastructure – Mbah
Business

Enugu Air Will Be For Traders, Enugu People – Mbah

2025/07/08
Large-cap Stock Drives Local Bourse To N180bn Gains
Business

Equities Market Opens Trading Week With N193bn Gain

2025/07/08
Restore Public Confidence In Judiciary, Panelists Tell Next CJN, Kekere-Ekun
Business

Shettima, CJN, Others Task Judges On Swift, Credible Judgements To Strengthen Capital Market

2025/07/08
NIMR Faces Power Outage Over ₦38m Debt
Business

TCN Adds 250MW To National Grid With New Bauchi Substation

2025/07/08
Leadership Conference advertisement

LATEST

Why Nigeria Must Invest Heavily In Health, Education – Peter Obi

Ajumbe Wants Okigwe Zone To Produce Uzodinma’s Successor

35 Abducted Women, Children Rescued In Niger After 1 Year

Cleric Urges Kwara Govt To Tackle Insecurity In Edu, Patigi

We Are Providing Sustainable Development To Ogoni – HYPREP

Buni Promises New Insurance Scheme For 3,000 Vulnerable

Our Mandate Is To Complete Abandoned Legacy Projects – NDDC

Cameroon Has Not Released From Lagdo Dam – Ministry

PRNigeria Seeks Police Action Against NIPSS Officials Over Cybercrime

CBEX Scam: EFCC Arraigns 2 Over Alleged Investment Fraud

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.