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Cement hits N9,500 per bag in Lagos months after BUA crashed price to N3,500
Cement hits N9,500 per bag in Lagos months after BUA crashed price to N3,500
The price of a 50kg bag of cement has soared to around N9500 in many retail outlets in Lagos further exacerbating the effects of inflation in the country.
Checks by Nairametrics in many retail shops in Lagos reveals that since January, the price has risen from around N6,000 to N6,500 to over N9000 as of today.
The sporadic rise in the price of the product has made some retailers halt selling fearing they might see increased prices in the near future.
A cement retailer in Ikorodu who wished to remain anonymous said he has stopped selling since this Monday and still waiting for his distributor to provide the current price.
He stated, “I stopped selling around Monday, my distributor has not given me new market price. She told me to wait for now.”
Another retailer lamented about the increase in the price on sales stating that there has been a significant drop in sales since January when the volatility in cement prices began.
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According to her, “January and February is our peak sales period but everywhere is just quiet. N9000 for a bag of cement is too expensive and would discourage people from starting any project.”
BUA’s N3,500 per bag mere lip service
The increase in the price of cement cuts across major cement producers in Nigeria- Dangote cement on the average sold for N9,500. On the other hand, BUA cement retailed for N9,000 while some shops sold Elephant cement for N9,500.
Of particular interest is the increase in the price of BUA cement whose Chairman, Abdulsamad Rabiu had stated that the company will peg the price of BUA cement at N3,500 after a meeting with President Tinubu in October.
The increase in the price of cement syncs with a projection by Cardinal stone that stated that the price of cement will stay high in 2024 due to producers increased operational cost.
In its financial report for Q3, 2023, Dangote cement recorded an increase of 33% in operation expenses when compared to the previous year.
An earlier statement by the Cement Producers Association of Nigeria had warned that cement prices may hit N9,000 from around N5000 then over the federal government’s insistence on building roads with concrete.
Cement hits N9,500 per bag in Lagos months after BUA crashed price to N3,500
News
Tinubu not telling Nigerians the truth, says Sule Lamido
Tinubu not telling Nigerians the truth, says Sule Lamido
President Bola Tinubu has been accused of not being forthright about the true state of Nigeria under his administration.
Former Jigawa State Governor and senior Peoples Democratic Party (PDP) member, Sule Lamido, made the accusation while speaking on the BBC Hausa programme Gane Mini Hanya.
Lamido criticized both Tinubu and former President Muhammadu Buhari for what he described as a lack of transparency in governance.
“Buhari’s and Tinubu’s governments are not being transparent with Nigerians unlike during the time when PDP was in power where everything was transparent and open to all Nigerians,” Lamido said.
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He accused the two administrations of relying on propaganda rather than providing citizens with accurate information.
Lamido also expressed concerns over President Tinubu’s recent loan requests, questioning the logic behind them. “If Nigerians are being told the truth then there is nothing wrong with that, but how would you budget N30tn, generate N50tn and then request loan when you have a surplus of N20tn,” he said, referencing last year’s budget.
He described the situation as “reckless” and “selfish,” adding, “This recklessness and clear-cut selfishness is not done anywhere in the world, but yet you find (some) Nigerians supporting it. Visit social media and see how APC is being criticised, being referred to as calamity, yet you find some protecting it.”
Tinubu not telling Nigerians the truth, says Sule Lamido
News
Nigeria Customs Service begins 2025 recruitment [How to apply]
Nigeria Customs Service begins 2025 recruitment [How to apply]
The Nigeria Customs Service (NCS) has announced the commencement of its recruitment exercise, assuring Nigerians that the process is entirely free and fair.
The agency has cautioned the public to be vigilant against scammers who may attempt to exploit unsuspecting applicants during the recruitment period.
Applications are invited for positions in the Superintendent, Inspector, and Customs Assistant cadres as part of the Service’s plan to recruit 3,927 officers in 2025.
This initiative is aimed at enhancing trade facilitation and supporting Nigeria’s economic recovery efforts.
“Our recruitment is entirely free and fair. At no stage do we charge fees. Anyone requesting payment is a scammer,” the agency emphasized, urging applicants to be wary of fraudulent schemes.
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The NCS outlined eligibility criteria, stating that applicants must be Nigerian citizens by birth, possess a valid National Identification Number (NIN), and have no criminal record or ongoing investigations.
Academic qualifications for the three cadres are as follows:
Superintendent Cadre: A university degree or Higher National Diploma (HND) along with an NYSC discharge or exemption certificate.
Inspectorate Cadre: A National Diploma (ND) or Nigeria Certificate in Education (NCE) from an accredited institution.
Customs Assistant Cadre: At least an O’Level certificate (WAEC or NECO).
In addition to these qualifications, the NCS stressed that all applicants must be physically and mentally fit, providing evidence of medical fitness from a recognized government hospital.
Nigeria Customs Service begins 2025 recruitment [How to apply]
News
Tinubu to critics: I won’t reduce my cabinet size
Tinubu to critics: I won’t reduce my cabinet size
President Bola Tinubu on Monday unequivocally responded to critics who described his cabinet as “bloated” by saying he is unprepared to reduce the size of his 48-man cabinet.
“I am not ready to shrink” the size of my cabinet, Tinubu said during a media chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.
“I am not prepared to bring down the size of my cabinet,” the former Lagos governor said, arguing that “efficiency” has been at the core of his selection of ministers.
The president also said he has no regret removing the petrol subsidy in May 2023, saying Nigeria cannot continue to be Father Christmas to neighbouring countries.
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“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just deceiving ourselves, that reform was necessary,” he told reporters.
Tinubu appointed 48 ministers in August 2023, three months after his inauguration. The Senate immediately screened and confirmed the ministers. One of the ministers, Betta Edu, was suspended in January while another, Simon Lalong, moved to the Senate.
There were calls for the President to reshuffle his cabinet as many Nigerians have not been impressed by the performance of some of the ministers, especially in the face of unprecedented inflation, excruciating economic situation and rising insecurity.
In October 2024, Tinubu re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation. He also sacked five of his ministers but critics insist that the President’s cabinet remains large, especially with the creation of a Livestock Ministry with a minister.
Tinubu to critics: I won’t reduce my cabinet size
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