Business
Cement Prices Surge Above N10,000 Across Nigeria
Cement prices in Nigeria rise above N10,000 per bag as Dangote, BUA, Lafarge, and Mangal cite higher production and logistics costs
Cement prices have risen above N10,000 per bag across multiple Nigerian states, affecting major brands including Dangote Cement, BUA Cement, Lafarge Africa and Mangal Cement.
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A market survey by Daily Trust shows prices now range from N10,500 to N11,200 depending on location, brand, and retailer.
Builders, block makers, and private consumers are facing significantly higher construction costs.
In Kwara State, cement that sold for N9,300–N9,700 in January now averages N10,500–N10,700.
In Abuja, BUA cement sells for as high as N11,200 per bag, while Dangote is listed around N10,800–N11,000.
Dealers noted that full truckloads of 900 bags can attract prices near N10,500 per bag, but this is beyond reach for small-scale buyers.
In Lagos State, prices have risen from about N9,000 in December 2025 to N10,000 in January 2026 and now to N11,500 in some areas.
Retailers attributed increases to middlemen, while dealers cited higher logistics, statutory costs, and distributor margins.
Northern states including Kano, Kaduna, and Jigawa also recorded retail prices above N10,500. Block makers are adjusting, raising nine-inch blocks from N750 to N800 in Kano.
Stakeholders warn that the rise could slow down construction projects and weaken purchasing power.
Former president of the Nigerian Institute of Builders, Kunle Awobodu, urged government engagement with manufacturers to ease production costs and improve affordability.
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Industry observers highlighted that weak competition and high market concentration keep cement prices high in Nigeria despite surplus production capacity. Analysts call for competition reforms rather than reopening imports.
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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