Business
No More N14k/Bag: BUA, Dangote Cement Release Fresh Prices as Chinese Firm Enters Nigeria
Cement prices in Nigeria have continued their upward climb in July 2026, adding fresh pressure on builders, contractors, and millions of Nigerians planning construction projects.
A market survey conducted by Legit.ng shows that the retail price of a 50kg bag of cement now ranges between ₦12,500 and ₦15,000, depending on the brand, location, and distribution costs.
The latest increase comes at a time when Nigeria’s cement industry is undergoing a major transformation following Huaxin Cement’s acquisition of Lafarge Africa.
Dealers across major cities report that cement prices have become highly volatile, with costs differing from one region to another due to transportation expenses and supply conditions.
In some parts of Lagos, Abuja, Port Harcourt, and the South-East, prices have reportedly crossed the ₦15,000 mark, particularly for retail purchases in smaller quantities.
The Central Bank of Nigeria (CBN) has withdrawn about N59.3 trillion from the financial system since January 2026 as part of efforts to tighten liquidity ahead of the 2027 general elections and reduce the risk of election-related cash surges that could encourage vote buying.
The development was disclosed in CardinalStone Research’s 2026 Mid-Year Economic Outlook released by CardinalStone Securities Limited (CSSL), a subsidiary of CardinalStone Partners Limited.
According to the report, the apex bank’s aggressive liquidity management strategy is aimed at preventing excess cash from flooding the economy during the election period while also supporting monetary stability.
The report said the CBN’s actions reflect concerns previously raised by members of the Monetary Policy Committee (MPC) over the possibility of election-driven liquidity injections and increased demand for foreign exchange as political activities gather momentum.
“While data suggests that election cycles do not necessarily translate to FX pressures in isolation, we like that the CBN is taking proactive and cautionary steps,” the report stated.
According to CardinalStone, the CBN has mopped up N59.3 trillion through its liquidity management operations since the beginning of the year, with net issuance standing at N19.8 trillion. The report also revealed that foreign portfolio investors currently hold about $18.5 billion in Open Market Operations (OMO), reflecting continued investor confidence and the central bank’s efforts to strengthen Nigeria’s external reserves.
The tightening policy has already begun to affect the country’s money supply. Money supply growth (M3) slowed to 8.4 percent year-on-year in May 2026, well below the five-year average of 28 percent. CardinalStone said the figure is close to the estimated optimal money supply growth rate of 8.6 percent, suggesting that the CBN is carefully balancing economic growth with the need to control inflation and limit speculation against the naira.
The report also noted that the CBN has introduced broader reforms, including a revised foreign exchange manual designed to improve market regulation, strengthen documentation requirements and increase transparency in the foreign exchange market.
CardinalStone expects the central bank to maintain its tight monetary policy throughout the rest of 2026, with a gradual easing likely after the 2027 elections. The firm projects headline inflation to average 15.9 percent this year before slowing further to 14 percent in 2027.
It, however, warned that the outlook could be affected by renewed geopolitical tensions in the Middle East, rising global energy prices, unexpected domestic or international economic shocks and possible policy reversals.
The report recalled that the disinflation trend expected earlier in the year was interrupted by the conflict involving the United States, Israel and Iran, which pushed up global crude oil prices and added more than 300 basis points to Nigeria’s headline inflation between March and June 2026. It added that the June ceasefire between the United States and Iran has helped ease oil prices, with inflation expected to resume a downward trend from July.
The CBN’s latest move comes against the backdrop of growing concerns over the role of cash in Nigeria’s elections. The 2023 presidential election, one of the most hotly contested polls in the Nigeria’s democratic history, was marred by allegations of vote buying in several parts of the country.
The Nigeria Labour Congress (NLC) has signalled it is gearing up for a major nationwide campaign to secure a comprehensive review of the national minimum wage, with the union also committing to fight for the creation of a national minimum pension.
As reported by Vanguard on Sunday, July 19, NLC president, Joe Ajaero, made the announcement recently during the commissioning of the Comrade Godwin Abumisi Pensioners Legacy House and Multipurpose Hall in Abuja.
The event brought together workers and pensioners under the organised labour movement, according to The Punch.
Ajaero noted that discussions about worker welfare can no longer be separated from the welfare of retirees, describing it as a historical injustice that those who gave decades of service to the nation are often left to live below the poverty line.
He said: “The Nigeria Labour Congress will not only push for a new national minimum wage but will also demand the establishment of a national minimum pension. “It is a historical injustice that men and women who devoted their youth, strength and productive years to the service of this nation should be condemned to live below the poverty line after retirement.”
He pointed to the soaring cost of food, healthcare and transportation as evidence that existing pension arrangements have become inadequate, calling them “poverty wages” that strip retirees of their dignity.
Ajaero added: “We cannot continue to allow our senior citizens to survive on pensions that have become poverty wages. Every retiree deserves to live with dignity after decades of faithful service to the nation.”
Furthermore, the NLC helsman told pensioners that their union, the Nigeria Union of Pensioners (NUP), remains one of the congress’s proud affiliates and that its battles are fully shared by organised labour.
“Your struggle is our struggle, and your welfare remains a priority for the organised labour movement,” he said, calling on both workers and pensioners to prepare for the ideological and economic fights ahead.
Ajaero urged pensioners to treat the newly commissioned Legacy House as more than a building, describing it as a potential hub for mobilisation and strategic action as the broader struggle takes shape.
He also demanded the immediate settlement of all outstanding pension arrears, warning that the working class must remain as united as those who profit from its labour.
Ajaero concluded: “Those who exploit workers are united in advancing their interests. We too must remain united in defending our collective interests and ensuring that government fulfils its obligations to both serving workers and retirees.”
In July 2024, the minimum wage rose from N30,000 to N70,000 a month after Nigeria’s two biggest union federations, the NLC and the Trade Union Congress (TUC), argued that soaring prices and a weakening currency caused by reforms instituted by President Bola Tinubu were hitting workers hard.
Africa’s most populous nation is grappling with the worst cost-of-living crisis in a generation, igniting constant complaints from government critics.
Liquefied Petroleum Gas (LPG) marketers have slashed depot prices, offering distributors lower wholesale rates and raising expectations that cooking gas refill costs could ease for Nigerian consumers in the weeks ahead.
Fresh market data showed that PPMC recorded the sharpest reduction, cutting its depot price to N1,010/kg, a 0.69%.
Rainoil Lagos followed with reduction, bringing its depot price down to N1,030/kg. NIPCO Lagos held its rate steady at N1,025/kg, data from petroluemprice.ng show.
The only marketer to move in the opposite direction was Matrix Warri, which is N1,100/kg.
The new cooking gas depot prices are:
PPMC: N1,010/kg
NIPCO Lagos: N1,025/kg
Rainoil Lagos: N1,030/kg
Matrix Warri: N1,100/k
Industry sources attributed the downward movement to greater competition among suppliers and improved product availability at the wholesale level.
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