The cost of a 50kg bag of cement has surged again as manufacturers have come to terms with high production costs.

A recent data by the Financial Derivatives Company (FDC) - the commodity update for October, shows that the average price for a bag of cement in Nigeria has risen to N8,400 in October 2024.

According to the FDC, the newest price represents a 13.51% increase compared to the N7,400 per bag reported in August.

The private Nigerian economic think tank reported a marginal drop of 21.05% in cement prices in September 2024.

FDC also noted that the lowest price Nigerians have paid for cement in 2024 is N4,200.

FDC’s senior associate, Dumebi Oluwole, and analyst Rosemary Adibe stated: "The price of cement rose by 13.51% to N8,400 in October from N7,400 in August.

"This price hike is mainly attributed to the soaring price of natural gas, the main energy source in cement production.

"Increased logistics costs also contributed to the rise.

"Higher prices are expected to impact the cost of building materials, roads, and bridges for both civil construction and the real estate sectors."