Nigeria's Cement Price Jumps by 40 Percent
Prices of various brands of cement skyrocketed overnight across the country putting builders and suppliers under unexpected pressure. Brands of cement initially sold at between N1, 500 and N1, 600 have jumped to between N2, 200 and N2, 400 in most parts of the country, Daily Trust correspondents report.
Dealers of cement in Kano State yesterday attributed the increase to unexpected suspension of production by the major cement companies.
Group Head, Corporate Communications at Dangote, Anthony Chiejina, said the increment was due to the acute shortage of forex and increase in the energy price of gas due to depreciation of the naira.