Cement Prices in Nigeria Surge from ₦500 to Over ₦10,000

Since Nigeria's return to democratic rule in 1999, the price of a standard 50kg bag of cement has escalated from around ₦460 to ₦500 to between ₦10,000 and ₦15,000. When former President Olusegun Obasanjo took office in May 1999, the price was approximately ₦500, as corroborated by various reports and studies.

Over the years, prices have fluctuated due to factors such as increased local production, government interventions, scarcity, inflation, exchange-rate depreciation, energy costs, and transportation expenses. Historical data indicates that cement prices varied significantly, with figures ranging from ₦420 to ₦650 in the early 2000s.

By August 2004, prices had risen to about ₦1,000 or more, reflecting Nigeria's reliance on imported cement and limited domestic production capacity. The lack of a continuous nationwide retail-price series for cement complicates historical comparisons, necessitating caution in interpreting earlier price figures.