Cement Price Soars to N11,000 in Lagos Despite N7,000 Agreement

The price of cement has skyrocketed to between N10,000 and N11,000 in the Idimu area of Lagos, Nigeria, despite an agreement between manufacturers to sell the product for N7,000.

This news comes as a surprise to many, given the previous agreement and the potential impact on the construction industry in the region.

According to The Nation Newspaper, the increase in cement prices has caused concern among builders and construction companies, who are now facing higher costs for their projects.

This issue has been a topic of discussion in the industry for some time, with stakeholders calling for an investigation into the matter.

The Senate has recently announced that it will be probing the hike in cement prices, as well as the prices of other building materials.

The move is aimed at addressing the concerns of the construction industry and ensuring that affordable cement and other building materials are available to support infrastructure development and economic growth.

The sudden surge in prices has been described as suspicious and perplexing by some, as raw materials for cement are sourced 100% locally and not imported.

The increase in prices is having a detrimental impact on critical infrastructure, housing, and constituency projects across the country.

As the construction industry is vital for infrastructure development and economic growth, it is crucial that this issue is addressed promptly to ensure that progress in various developmental endeavours is not severely hampered.