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The costs of cement have risen by 67% within the South-East states of Abia, Anambra, Ebonyi, Enugu and Imo.

This is as some residents of the North-Eastern a part of the nation additionally complained of value hike of cement, which they attributed to the shortage of the product and the actions of middlemen who attempt to capitalize on the scenario.

According to a report from the News Agency of Nigeria (NAN), a market survey carried out at varied wholesale and retail outlets within the jap zone exhibits that the worth of the product has virtually doubled when in comparison with the worth in 2020.

READ: Aliko Dangote to earn N234 billion as dividend from his cement business

What the cement merchants within the jap states are saying

A cement seller at Kenyetta Market in Enugu State, Mr Ifeanyi Amadi, mentioned the rise within the value of the product which began final 12 months was as a result of Covid-19 pandemic and improve in greenback change.

He identified {that a} trailer load of Dangote cement with 600 luggage, which bought for N1.5 million in 2020, bought for N2.3 million within the first quarter of 2021.

Another retailer, Samuel Uwakwe, famous {that a} bag of Dangote Cement now goes for N3,900, Unicem for N3,700; BUA Cement for N3,700 and Kogi Super Cement for N3,600.

While begging the suppliers to scale back the worth and make the product accessible, Uwakwe expressed his reservations at few people being given the chance to provide the product noting that the costs would possible crash throughout raining season.

READ: Dangote Cement considers debt funding options under 300 billion bond issuance programme

In Abia, a cross-section of residents of Umuahia, the state capital, additionally decried the excessive value of cement, which ranges from N4,000 to N4,100 per 50kg bag.

Those who spoke to NAN mentioned the worth hike had additional dashed the hope of many Nigerians, wishing to personal their private properties.

A businessman, Mr Victor Ugwu, mentioned he needed to droop his constructing venture due to the present growth as he couldn’t afford to proceed with the present value of the commodity.

He mentioned,  “I think the hike can be attributed to the monopoly being enjoyed by the cement producers in the country. Unfortunately, there may not be any respite until that monopoly is broken.”

READ: Dangote Cement pays N1.1 trillion in dividends in 5 years.

However, a cement seller, Mr James Ogbonna, mentioned the worth improve had nothing to do with the producers of the commodity however relatively put the blame on the actions of shylock distributors of cement.

He mentioned, “In the first and second week of March, we sold a bag for N3,200, but within the third week we started selling at N3,500. By the end of March, the price moved up to N4,000 and now, we sell between N4,000 and N4100, depending on the brand.”

A cement seller in Awka, Mr Kenechukwu Okoye, mentioned earlier than the #EndSARS protest in 2020, a 50kg bag of cement was bought at N2,500 bur rose to N3,000 instantly after the protest and from there to the present value of N4,000 and N4,100.

The survey additionally says that in Owerri, the Imo state capital, the worth of cement is between N3,850 and N4300, relying on the model.

At the constructing supplies Market in Naze, Owerri North Local Government Area, Dangote and BUA cement are bought at N4,000 per bag whereas BUA and UNICEM are bought for N3,900.

Mr Okechukwu Okonya, a vendor, mentioned the price may very well be attributed to the excessive price of transportation on account of gas value improve including that main sellers typically hoard the product of their warehouses to create synthetic shortage.

The survey report says that in Abakaliki, Ebonyi, costs of just about all constructing supplies have gone up, with Dangote and Bua which bought for N2,500 earlier in November and December 2020 now promoting for between N4000 and N4500.

Similarly, Unicem cement which additionally bought at N2,300 throughout the similar interval had additionally gone as much as N4,000 and N4,300.

Similar value improve in North East

The survey report in Bauchi, Gombe, Borno, Yobe, Adamawa and Jigawa, exhibits a mean of 40% improve in value.

According to the respondents, this may very well be attributed to the outbreak of Covid-19 which affected manufacturing in factories, whereas demand saved rising.

Others, nonetheless, blamed the hike on the excessive price of transportation and different sundry actions related to the enterprise of procurement and gross sales of cement within the nation.

Malam Ibrahim Sanusi, a cement seller on the Gombe essential market described the hike as outrageous compared with the worth of the identical commodity the earlier 12 months.

He mentioned {that a} bag of Dangote model which he purchased for N2,400 and bought for N2, 500, is purchased for N4,000 from their depot in Gombe and bought for N4,200.

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