Because of the nation’s rapidly rising inflation, the price of cement has increased by 100% in just three years, reaching a record high of N7,000.
According to Sunday PUNCH research, cement costs in Lagos and Ogun States were between N3,300 and N3,500 in March 2021, but as of last week, they had increased to between N6,500 and N7,000 in both states.
Devakumar Edwin, the Group Executive Director of Dangote Cement responsible for Strategy, Portfolio Development, and Capital Projects, had in 2021 linked the high price of cement in Nigeria to the increase in cement demand worldwide brought on by the COVID-19 pandemic.
Nigeria is not an exception, as low returns from the capital market and adjustments to monetary policy have.caused a notable rise in the number of construction projects. We had to halt shipments from our freshly opened export terminals in order to guarantee that we could meet local demand, which meant that we would lose out on dollar revenues,” he stated.