Nigerians on Thursday, expressed hopelessness as a bag of cement in Kwara State is now pegged at N6,200, marking a significant surge from last week’s range of between N5,000 and N5,200.
This sudden increase has left numerous distributors and retailers in distress as they struggle to meet the soaring demand amidst sudden scarcity.
The proprietor of Orire Cement, Hajia Lateefat Abdullahi, who spoke to journalists on the development, expressed her disappointment, stating that acquiring supplies from distributors to cater to customers in Ilọrin has become an arduous task.
She further revealed the mounting frustration of being unable to secure even a single truckload of 900 bags since Monday.
A retailer, Nasiru Babatunde, who spoke to Daily Trust on the development, said he had not been able to fulfil supplies for many customers who had placed orders, with some of them even making advance payments.
A prominent distributor in Kwara, Olatunji Ayantola, shed light on the matter and pointed out various factors contributing to the significant surge in cement prices.
“Officially, BUA increased the price by N750 on Monday while we await the official amount that Dangote will also come up with after its own increment.”
“What was happening before was speculation, market fluctuation and inflation. Initially, there was scarcity due to poor loading from the companies over the issue of gas which reduced delivery that created the surge we were battling with before the increments,” he added.
He added: “Even when we were selling N5,200 in Kwara, some parts of the far north like Jigawa, Maiduguri and Plateau sold for N6,500 depending on the area and who is selling.
“But we may not likely experience further increase in the weeks ahead with the current market price.”
Last year, the announcement made by BUA Group to sell at N3,500 had raised hopes among customers for a significant price drop but many complain that the plan has not been implemented.