Business & Finance

Cement Price Rises to N2300 Per Bag


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.

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“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.

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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