The price of a 50kg bag of cement has risen to around N9,500 in many retail outlets in Lagos.
Nairametrics reports that in lots of retail shops in Lagos, since January, the price has risen from around N6,000 to N6,500 to over N9,000 as of today (Thursday).
The rise has led to some retailers stop selling due to fears of an increase in prices in the near future.
It is gathered that the rise in the price of cement cuts across major cement producers in Nigeria.
Dangote cement on the average go for N9,500, BUA is pegged at N9,000 while in some shops Elephant cement goes for N9,500.
In October, 2023, after a meeting with President Bola Ahmed Tinubu, BUA Chairman, Abdulsamad Rabiu had said the company will peg the price at N3,500.
Meanwhile, an earlier statement by the Cement Producers Association of Nigeria had sent out a warning that cement prices may climb to N9,000 from around N5000.
