Cement Prices Surge 367% in Nigeria Amid Housing Crisis

The price of a 50kg bag of cement in Nigeria has increased by 367% from 2020 to 2026, worsening the country's housing crisis and pushing construction costs to unprecedented levels. In 2020, cement prices ranged from ₦2,500 to ₦3,000, but they are projected to reach ₦15,000 by March 2026, according to a recent report by PropComm Africa.

The report highlights a consistent upward trajectory in cement prices, with a 30% rise occurring in the first quarter of 2026 alone. Analysts attribute the price increases to factors such as energy costs, foreign exchange volatility, logistical challenges, and taxation, although they argue that the magnitude of the hikes is not fully justified.

The report also notes that Nigeria's cement production capacity stands at 65 million metric tons annually, while consumption is approximately 32 million tons, indicating a surplus yet rising prices. PropComm Africa calls for structural reforms to enhance competition and recommends measures to ensure fair market access.

The Federal Competition and Consumer Protection Commission (FCCPC) has initiated an investigation into cement pricing practices across the country.