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Business & Finance

Cement Price Rises to N2300 Per Bag

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The price of cement on Tuesday rose to between N2,200 and N2,300 per bag in Lagos and other parts of the country, a report from The Nation says.

Formerly a bag of cement costs N1,600.

Mr. Kunle Awobodu, a top official of the Nigeria Institute of Building (NIOB), attributed the sudden increase to cost of production and the continued depreciation of the naira.

“Clients, contractors and quantity surveyors may have disagreements due to price variations. New price on old contracts in a competitive bidding may eventually lead to sub-standardisation in construction,” he said.

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Mr. Kunle Salami, a cement distributor in Ajah, Lagos state said he has stopped his requests for more supplies as he is not sure of how consumers will react.

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