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Nigerians groan as cement price skyrockets to N6,500 per bag amid forex woes, inflation

Published

3 years ago

February 11, 2024

Bags of cement

Nigerians groan as cement price skyrockets to N6,500 per bag amid forex woes, inflation

Just over two months, there has been a significant surge in the retail price of cement in Nigeria. Formerly N5,000 per bag in December 2023, the cost has escalated to N6,500 in different parts of the country

Investigations reveal that the Cement Manufacturers Association of Nigeria (CMAN) has increased prices by over N1,000 per bag for respective brands.

As a result, retail prices have surged to N6,200 or higher in Lagos and the Southwest, while in the Southeast and Abuja, they have surged to as much as N6,500 or even more.

Major cement producers in Nigeria

According to Leadership, the cement industry in Nigeria is primarily dominated by three key players. Leading the pack is Dangote Cement Plc, which holds a commanding 60.6% market share.

Dangote Cement has an impressive local installed capacity of 29.3 million MT.

Following closely behind is Lafarge Africa Plc, with a 21.8% market share and a production capacity of 10.5 million MT. Completing the trio is BUA Group, accounting for 17.6% of the market share.

Cost of blocks affected by cement price hikes

The latest changes in the market have affected the pricing of concrete blocks significantly. Manufacturers have responded by revising their prices, resulting in an increase in the cost of a six-inch block from N450 to N500 and a rise in the price of a nine-inch block from N550 to N600 per unit.

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Moreover, there has been a notable uptick in the price of ready-mix concrete, and the expenses related to in-situ concrete production are anticipated to increase substantially.

This surge in costs is expected to worsen the economic challenges, leading to higher prices for new homes, elevated rental rates, and increased maintenance costs.

Consumers lament rising cost

Last year, Abdulsamad Rabiu, the chairman of BUA Group, announced a reduction in the cost of a bag of BUA cement from N5,000 to N3,500.

While the announcement was well received, many Nigerians quickly mounted pressure on Dangote Cement to also do the same, but the company declined, insisting that its product sold for far less than in other African countries.

Despite Rabiu’s announcement of a price reduction, investigations showed that retailers were still selling at higher prices, citing expenses along the supply chain.

The recent spike in the price of the product has generated serious concern amongst retailers, builders, block moulders and even average consumers.

Speaking with Legit.ng, Micah Akinloye, PRO of Akerele Block Manufacturers Association, expressed concern over the persistent increase in cement prices, highlighting its adverse impact on association members’ production output and income.

He said:

Cement prices have become so expensive and it is affecting how much we can make from the production of blocks. This has also affected how lucrative block production used to be. Because the hike in cement prices and every other building materials in the market, patronage has become very low.

Akinloye appealed to the Federal Government to intervene by issuing additional licenses to industrialists for cement production.

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In 2023, the Cement Producers Association of Nigeria cautioned about the Federal Government’s proposal to implement concrete roads, forecasting a potential increase in cement price to N9,000 per bag from the current N5,000 price.

In a statement, they also urged the current administration to take decisive action to resolve the recurrent issue of cement price hikes by promoting wider involvement in the cement industry.

They emphasized that Nigerians should not have to pay more than N5,600 per bag for cement.

Builders ask FG to slash cement price

In related news, Legit.ng reported that the Lagos Chapter of the Nigerian Institute of Building has called on the federal government to intervene and lower the cement price in the country.

The institute stated this at a briefing in Lagos state ahead of its 32nd Builders Conference tagged “Safe and Sustainable Building Production Management.”

They attributed the skyrocketing cement prices to poor foreign exchange, adding that this has taken a toll on producers.

Nigerians groan as cement price skyrockets to N6,500 per bag amid forex woes, inflation

Related Topics:cement price forex inflation

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2027 Elections: INEC Reveals Why Pantami, Adebutu, Others Were Excluded

Published

16 hours ago

October 14, 2026

Trends Admin

Independent National Electoral Commission (INEC), Chairman Prof. Joash Ojo Amupitan

2027 Elections: INEC Reveals Why Pantami, Adebutu, Others Were Excluded

The Independent National Electoral Commission (INEC) has explained why some political parties and their governorship candidates were excluded from the final list for the 2027 elections, citing failure to comply with the statutory requirement to submit membership registers before conducting valid party primaries.

The commission said the decision followed a Supreme Court judgment delivered on September 24, 2026, which upheld the constitutionality of relevant provisions of the Electoral Act, 2026, requiring political parties to submit their membership registers within a prescribed period.

The explanation comes amid complaints from affected political parties and candidates following the publication of INEC’s final list of governorship candidates, which omitted several prominent opposition figures.

Among those affected are Isa Ali Pantami, the Peoples Democratic Party (PDP) governorship candidate in Gombe State, and Ladi Adebutu, the party’s candidate in Ogun State.

Pantami’s name was missing despite his emergence from a court-ordered rerun of the PDP governorship primary in Gombe, while Adebutu and his running mate were also absent from the list.

In a statement issued on Tuesday, October 13, INEC National Commissioner and Chairman of its Information and Voter Education Committee, Mohammed Kudu Haruna, said the commission applied the Supreme Court’s decision when finalising the list.

The judgment arose from an appeal filed by INEC against an earlier Court of Appeal decision that had nullified Sections 77(5)–(7) of the Electoral Act, 2026.

The Supreme Court upheld the provisions, which require political parties to submit their membership registers as a prerequisite for valid party primaries.

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It also upheld INEC’s timetable requiring parties to submit their registers between April 21 and May 10, 2026.

According to the commission, the apex court held that parties that failed to comply with the statutory requirements were ineligible to sponsor candidates for the elections.

INEC said it was consequently required to give effect to the judgment in accordance with Section 287(1) of the 1999 Constitution, as amended, which requires compliance with decisions of superior courts.

The commission added that the final lists of presidential and National Assembly candidates had already been published on September 12, 2026, before the Supreme Court delivered its judgment.

The omissions have triggered reactions from affected political parties, with the PDP saying it was engaging INEC over the absence of its candidates in Gombe and Ogun states.

The Nigeria Democratic Congress (NDC) has also raised concerns over the omission of some of its governorship candidates, while other affected political groups have indicated their intention to pursue available remedies.

The development has heightened concerns among opposition parties as preparations continue for the February 6, 2027, governorship elections.

INEC, however, said political parties that believe their candidates were wrongly omitted from the final list have 14 days from the date of publication to notify the commission.

It fixed October 24, 2026, as the deadline for such notifications under Section 32(2) of the Electoral Act, 2026.

The commission reaffirmed its commitment to transparency, adherence to the rule of law and the credibility of the electoral process.

The next steps by affected parties will determine whether the omissions can be resolved through the commission’s notification procedure or other legal avenues available to them.

2027 Elections: INEC Reveals Why Pantami, Adebutu, Others Were Excluded

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Shell Exits Nigeria’s Gas Distribution Business, Sells Stake to Vaaris Energy

Published

1 day ago

October 13, 2026

Trends Admin

Shell Exits Nigeria’s Gas Distribution Business, Sells Stake to Vaaris Energy

Shell Petroleum B.V. has agreed to sell its entire interest in the Shell Nigeria Gas Group to indigenous energy company Vaaris Energy Limited, marking another major shift in the international oil giant’s business portfolio in Nigeria.

The agreement, announced on Tuesday, October 13, 2026, covers Shell’s domestic gas distribution business in the country. The financial terms of the transaction were not disclosed in the announcement.

The proposed sale will transfer Shell’s interest in the gas distribution group to Vaaris Energy, a Nigerian-owned company seeking to expand its presence in the country’s oil and gas industry.

The transaction represents another adjustment to Shell’s Nigerian operations as the company focuses on selected oil, gas and integrated energy projects.

Shell’s latest move follows its earlier exit from onshore oil production through the sale of its interest in the Shell Petroleum Development Company of Nigeria Limited (SPDC) to the Renaissance consortium. That transaction was completed in March 2025 after receiving the necessary regulatory approvals.

However, the two transactions involve different parts of Shell’s Nigerian business. The earlier deal covered its onshore oil-producing subsidiary, while the latest agreement concerns its domestic gas distribution operations.

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Following the SPDC sale, Shell retained other interests in Nigeria, including its deepwater oil and gas operations and its participation in Nigeria LNG Limited. The company also continued operating its domestic gas distribution business, which is now expected to come under Vaaris Energy’s ownership once the latest transaction is completed.

Shell said the proposed divestment aligns with its strategy of simplifying its global portfolio and concentrating investment on projects expected to deliver stronger returns.

Elohor Aiboni, Shell’s country chair in Nigeria, said the company would continue to focus on its strategic deepwater and integrated gas positions in the country.

For Vaaris Energy, the proposed acquisition offers an opportunity to strengthen its position in Nigeria’s natural gas market and expand its participation in the domestic energy value chain.

The company is a privately held Nigerian energy business with interests across the oil and gas sector. However, details of its plans for the acquired business, including any operational changes or investment commitments, were not disclosed in the announcement.

The financial value of the transaction and the precise timeline for completion were also not made public in the information available at the time of reporting.

The deal comes as Nigeria seeks to increase domestic gas utilisation, improve energy supply and attract investment into its gas infrastructure. Gas distribution plays an important role in connecting producers with industrial users and other customers that rely on natural gas for their operations.

The implications of the acquisition for Nigeria’s domestic gas market will depend on the completion of the transaction and how Vaaris Energy manages and develops the business under its ownership.

Shell’s agreement with Vaaris therefore marks another change in the ownership of a significant energy asset in Nigeria, while allowing the international company to maintain its focus on other strategic oil and gas interests in the country.

Shell Exits Nigeria’s Gas Distribution Business, Sells Stake to Vaaris Energy

News

Delta Tragedy: Man Allegedly Kills Wife, Dies by Suicide After Land Dispute

Published

1 day ago

October 13, 2026

Trends Admin

Delta Tragedy: Man Allegedly Kills Wife, Dies by Suicide After Land Dispute

A domestic dispute allegedly involving the sale of landed property and accusations of infidelity has left a couple dead in Agbarho community, Ughelli North Local Government Area of Delta State, leaving their four children without either parent.

The incident reportedly occurred on Owiri Street in Agbarho, where the man allegedly attacked and killed his wife before later dying by suicide after ingesting a poisonous substance.

According to a report published by Vanguard on Tuesday, October 13, 2026, the tragedy followed a disagreement between the couple over landed property and alleged infidelity. However, the full circumstances surrounding the confrontation have not been independently established.

A source quoted in the report said the man was reportedly angered by allegations concerning his wife’s fidelity and the sale of his landed property. The precise sequence of events leading to the couple’s deaths remains unclear.

A neighbour reportedly said the couple had experienced repeated physical confrontations before the incident, suggesting that tensions within the household may have persisted for some time. However, details of the earlier clashes and whether the authorities had previously been alerted have not been confirmed.

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The deceased man’s elder brother also reportedly expressed shock over the deaths, saying he was not fully aware of what had triggered the fatal confrontation. He confirmed that the couple had four children, with the eldest said to be about 21 years old, but declined to disclose their identities.

A senior police officer at the Agbarho Division reportedly confirmed the incident, saying officers evacuated the bodies to a morgue as investigations began. The officer also indicated that no formal complaint had been lodged by the families as of the time of the report.

Attempts to obtain further comments from the Delta State Police Command’s spokesperson, SP Bright Edafe, were reportedly unsuccessful before the report was published.

The deaths have left the couple’s four children facing the loss of both parents, adding to the devastating consequences of the incident. The circumstances surrounding the reported property dispute, the allegations of infidelity and the events immediately preceding the deaths remain subject to investigation.

The tragedy highlights the potentially devastating consequences of unresolved domestic conflict. Disagreements involving marital relationships, property ownership and land sales should be addressed through peaceful dialogue, appropriate support and lawful channels. Violence is never an acceptable way to resolve such disputes.