Cement is a major component in construction works, and accounts for between 40 and 45 per cent to deliver a building project.
But the unexpected hike in the price of cement in November 2020 by about 50 per cent, which caught Nigerians napping, has remained a major headache to players in the Nigeria’s building construction industry who are already grappling with several other challenges.
Before the sudden hike in cement price in November 2020 to N3,500 per 50kg bag, the same 50kg bag was sold for N2,600.
Subsequently, this astronomical rise in cement price has resulted in a hike in the price of sandcrete blocks, rings, concrete and mortar products in which cement is a major input in their production.
For instance, when a bag of cement was N2,600, 9-inch sancrete block was sold for N180 while 6-inch sandcrete block was sold for N160. But with the present price of a bag of cement, 9-inch sandcrete block now sells between N200 and N220 while 6-inch sandcrete block sells between N180 and N190.