Cement prices showed an uptick in March compared with the previous month. After staying muted for the three months to February, prices in March have risen past the November peak. This may help cement companies to partially offset the impact of higher input costs while helping them to benefit from improving demand.
The nations’ housing sector is not out of the woods yet, as prices of cement continue to rise in the building materials market.
The development has triggered a surge in housing prices and the overall cost of construction projects. Aside from the cost of land, to develop a moderately furnished one-bedroom apartment would cost about N3 million.
From December 2020 to November 2021, cement prices rose by 44 per cent impacting prices of other products like blocks, rings and others, which utilise cement as a major ingredient for production.
Within the past six months, the price of cement rose from N3, 200 to N4, 600. The Guardian’s market survey in locations like Abuja, Ogun, Osun, Imo, Rivers, Anambra, Lagos, Oyo, Enugu states among others last week revealed that the price for a 50kg bag hovers around N3, 800 and N4, 600 respectively.
A dealer of the products, Mr. Sunday Ilesanmi, who confirmed the development said the latest increase is from the factory.