Cement Prices Surge to N12,000 Per Bag Despite Nigeria’s Oversupply, Man Attributes Increase to Market Monopoly
A man has raised concerns over the rising cost of cement in Nigeria, highlighting the apparent contradiction between production levels and price increases.
He said:
“Cement Just Hit N12,000 For 1 Bag. The Price Of Cement Has Risen By 367% In 7 Years And Is Still Rising. But Nigeria Produces 65M Tonnes Of Cement Every Year And Consumes 32M Tonnes, Meaning Nigeria Produces More Cement Than It Uses. So Why Are Prices Going Up?
This Is Because Only 3 Companies (Reportedly) Control 95% Of The Cement Market In Nigeria: Dangote Cement, BUA Cement, And Lafarge Africa (reportedly) Control Over 95% Of The Market.”
