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Despite producing double the cement Nigeria needs, three companies control the market and have hiked prices to 15,000 naira per bag, making home ownership an impossible dream for you.

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528,692 Aufrufe • vor 3 Monaten •via X (Twitter)

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Is The Price Of Cement In Nigeria About To Crash? A Chinese Company Has Just Received Approval To Acquire An 83% Stake In Lafarge For $1 Billion (About ₦1.5 Trillion). Here’s The Big Question: Nigeria Produces Almost Twice As Much Cement As It Consumes, Yet Nigerians Pay Nearly Double The Price Per Bag Compared To Many Other Countries. Why Is Cement Still So Expensive Despite Local Production? Could This Acquisition Finally Increase Competition And Bring Prices Down? 🤔
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Is The Price Of Cement In Nigeria About To Crash? A Chinese Company Has Just Received Approval To Acquire An 83% Stake In Lafarge For $1 Billion (About ₦1.5 Trillion). Here’s The Big Question: Nigeria Produces Almost Twice As Much Cement As It Consumes, Yet Nigerians Pay Nearly Double The Price Per Bag Compared To Many Other Countries. Why Is Cement Still So Expensive Despite Local Production? Could This Acquisition Finally Increase Competition And Bring Prices Down? 🤔

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“Cement just hit N12,000 for 1 bag. According to reports, the price of cement has risen by 367% in 7 years. Nigeria produces 65M tonnes of cement every year & consumes 32M tonnes yet the price of cement always goes up. This is because only 3 companies controls 95% of the cement market in Nigeria.” Man says
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“Cement just hit N12,000 for 1 bag. According to reports, the price of cement has risen by 367% in 7 years. Nigeria produces 65M tonnes of cement every year & consumes 32M tonnes yet the price of cement always goes up. This is because only 3 companies controls 95% of the cement market in Nigeria.” Man says

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In addition, as Ludwig von Mises explained, socialism will always fail because economic calculation is impossible. In abolishing the private ownership for production goods, socialism abolishes the market for them and make it impossible for market prices to emerge and for costs of production to be computed. thus impairing the profit and loss mechanism. Without profits and losses, producers have no "compass" guiding them through production choices.
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AbdulSamad Rabiu, the founder of BUA Cement, on why Nigerian Cement Companies export cement to other countries despite excess demand in Nigeria. He says it's easy to transport his cement to Niamey in Niger than to Kano. The roads are much better in Niger. The distance is less, price is the same and he gets paid in dollars. So it's a no brainer.

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“Nigeria is an oil producing country” 😄😄 If you really like Nigeria and you want Nigeria to work, you have a whole lot of work and learning to do. Nigeria daily Net oil production( to the government) is not even up to 400k barrel and yet many believed we have this oil at large. 🤦🏿‍♂️🤦🏿‍♂️ Are we really oil producing country?
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“Nigeria is an oil producing country” 😄😄 If you really like Nigeria and you want Nigeria to work, you have a whole lot of work and learning to do. Nigeria daily Net oil production( to the government) is not even up to 400k barrel and yet many believed we have this oil at large. 🤦🏿‍♂️🤦🏿‍♂️ Are we really oil producing country?

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For every ₦12,000 bag of cement you buy, ₦6,240 goes straight to the Federal government through taxes and levies.
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