• The price of cement, after pegging at around N7,500 per 50kg, rose to N8,500 a few weeks ago, depending on the brand and region.
• Findings showed that the price of the commodity has increased by almost 100% since January from N4,500 at the beginning of the year.
• Additionally, the prices of blocks, iron bars or reinforcement, kitchen doors, steel doors, among other materials, have also increased significantly.

Legit.ng journalist Zainab Iwayemi’s Economy, Technology and Capital market.

Depending on the brand and region, the price of cement has increased to N8,500 after being pegged at N7,500 per 50kg a few weeks ago.

The price of the commodity has quadrupled so far this year. In fact, the price of the commodity has increased by almost 100% since January from N4,500 at the beginning of the year.

Property manager Sebastine Ovie said:

“The direct impact of these price increases is that project timelines are disrupted and lead to safety concerns as unscrupulous contractors are under pressure to cut corners.”

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Ovie cited high energy costs and monopolies as the main reasons for regular price increases. He explained that Nigeria only three important cement manufacturers.

He claimed that these three companies (Dangote, BUA and Lafarge) controlled almost 95% of cement production.

Prices of other construction materials are increasing

In addition to cement, the cost of other construction materials has also increased. The cost of an iron bar or reinforcement that provides structural stability, and integrity According to a recent study, it increased from N220,000 per tonne in 2020 to N265,000 per tonne in 2021, then to N475,000 in 2022 and N1.2 million in 2024. BusinessDay market research.

While the price of six-inch blocks increased from N160 to N510 in 2019 naira Today, while the price of nine-inch blocks sold for N180 in 2019 remained stable, the price also increased, subsequently rising to N220 in 2021, N340 in 2022 and now N700 in 2024.

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Its effect on steel doors and other surfaces is equal. In 2019, the cost of a steel entry door is N150,000; today it sells for more than N460,000. In some cases, the price of kitchen frames and cabinets has increased two or three times. A kitchen door has gone from N11,000 to N26,000 and a kitchen casing board that used to retail for N15,500 now sells for N36,300.

Traders sell 50kg of cement for under N9,500

legit.ng Financial Derivatives Company Limited reported that its average price was: 50 kg bag of cement fell To N7,500 in October 2024.

The new price represents a decrease of 21.05% compared to the average price of N9,500 in September 2024.

FDC announced the changes in its latest commodity update from November.

Source: Legit.ng