Cement price capped at N9,500 in Lagos stores.

Retail prices of cement in Lagos have been on a steep upward trajectory since January, escalating from approximately N6,000 to N6,500, and now exceeding N9,000 as of Thursday, according to a report by Nairametrics. This surge has prompted concerns among retailers, with some opting to halt sales in anticipation of further price hikes.

The inflationary trend in cement prices appears to be widespread, affecting major producers across Nigeria. Dangote Cement commands an average price of N9,500, while BUA Cement is set at N9,000. Additionally, Elephant Cement is priced similarly at N9,500 in certain outlets.

In a bid to address the soaring costs, BUA Chairman, Abdulsamad Rabiu, had announced in October 2023, following discussions with President Bola Ahmed Tinubu, that the company would cap its prices at N3,500. However, this commitment contrasts starkly with warnings issued by the Cement Producers Association of Nigeria, which had cautioned of a potential surge to N9,000 from the previous average of around N5,000.