Cement Price Surge Deepens Nigeria's Housing Crisis

Cement prices in Nigeria have surged dramatically, with 100 bags costing about N380,000 in May 2023 and rising to approximately N1.25 million by August 2026, marking a 229% increase. A 50-kilogram bag now trades between N13,000 and N15,000, compared to N3,300-N3,500 in 2021.

This price escalation significantly impacts middle-income earners aspiring to build homes, as cement alone can consume several months of earnings. The housing crisis is exacerbated by an official national housing deficit of 14.925 million units, which could rise to 28 million without intervention, according to Moruf Akinderu-Fatai, Lagos State Commissioner for Housing.

Despite Nigeria's ample cement production capacity of 60 to 65 million metric tonnes annually, prices continue to rise, prompting the Federal Competition and Consumer Protection Commission (FCCPC) to investigate potential price manipulation and anti-competitive practices.