“Where is Your N3k Cement?”: Nigerians Ask as FG Summons BUA, Dangote, Others Over N15K/bag Cement

• The federal government has invited Dangote Plc, BUA Plc, Lafarge, and the other manufacturers over the spike in cement cost
• This is as a bag of cement reportedly hit N15,000 per bag in some parts of the country from the N5,000 it was sold some weeks ago
• Nigerians have taken to social media to express their views on the situation in the country amid FX challenges and others

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Nigerians groan as cement price hits new high

The minister of works, David Umahi, has summoned cement manufacturers to a meeting on Monday, February 19, to examine the issues surrounding the alarming increase in cement prices.

Special Adviser to the Minister on Media, Uchenna Orji, said this was necessary to address the escalating cost of cement despite huge patronage by road and housing contractors to cement manufacturers, according to The Nation report.

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Dangote Plc, BUA Plc, Lafarge, and the other manufacturers are expected at the meeting as cement now ranges between N6500 to N15000 per bag.

The minister said:

“It is common knowledge that the manufacturers have their challenges, which we shall look into, but from ourfindingsg, the disparity between ex-factory and market prices is wide.

“We, therefore, need to look into the situation and other issues to find a common front.”

Cement price soars

Cement prices in Nigeria have continued to rise, almost hitting N15,000 for a 50kg bag, despite attempts to bridge the housing gap and help many individuals escape poverty.

BusinessDay reported that the rate of increase in prices, which started at N5,600 in January of this year and has since reached N8,000 in Lagos, N8,500 in Enugu, N9000 in Onitsha, Anambra State, and N9,500 in Owerri, Imo State. The price is expected to reach N15,000 in the following days and weeks.

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Affordability concerns resulting from this price increase are expected to result in societal home ownership and job creation challenges.

Reactions on social media

@ShehuSani said,

"Dear BUA, Where is that your 3k Cement?"

@firstladyship wrote,

"A bag of Bua Cement is N9000. Calm down. He that built Lagos will provide the cement for your dream home."

@rudeboypsquare noted,

"Fuel, cement , food, dollar, cost of living, insecurity, and dead economy, After afcon e go clear. Enjoy the moment..."

@Olare77 said,

"It is high time we begin to drag all these government-made billionaires. The Likes of Dangote, Otedola, Elumelu and the rest of them are parasites to NIGERIANS. How can cement be sold at 8500 in Nigeria while the same is sold at 1500 in Ghana same product?"

Nigerians lament as cement price increases by 30%

Legiand t.ng reported that the price of cement has skyrocketed in the last few days, hitting a new high amid the harsh economic realities in Nigeria.

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An investigation by the Guardian showed cement brands had experienced price hikes exceeding N1,000 per bag from entities associated with the Cement Manufacturers Association of Nigeria (CMAN).

As a result, retail prices in Lagos and the Southwest region have gone from N5,000 to N6,200 or more. Also, prices in Abuja and the Southeast have skyrocketed to N6,500 or more.

Source: Legit.ng