Residents of Benue State have expressed dismay at the sudden surge in the price of cement, which has risen from N5,500 to N8,000.
According to reports from the News Agency of Nigeria, end-users of cement voiced their discontent on Wednesday in Makurdi, the state capital.
Mr. James Toryila, one of the affected users, emphasized that the significant hike in cement prices seemed unjustified, suggesting that sellers were exploiting the economic vulnerability to maximize profits.
“It’s hard to believe that within a week, the cost of producing cement could skyrocket to justify such a steep price increase. The current state of our economy is deeply concerning. We haven’t witnessed such dire economic conditions in Nigeria,” commented Toryila.
Similarly, Mr. Simon Adzende expressed shock at the sharp spike in cement prices, highlighting its potential to deter low-income earners from pursuing construction projects. He emphasized the need for urgent government intervention to avert further economic downturn.
Mr. Oche Onah recounted purchasing cement on Monday at N7,500, only to find it priced at N8,000 by Wednesday, leaving him taken aback by the sudden escalation.
Contrary to claims by buyers of a sudden price surge, cement trader Mr. Ternenge Shima noted that the price increase had been gradual over time.