Cement prices in Nigeria may have been manipulated, according to initial findings by the competition regulator.
The Federal Competition and Consumer Protection Commission said its three-month investigation into the cement market turned up evidence suggesting possible price coordination among major producers. The probe followed months of complaints about rising cement costs despite Nigeria’s large local production capacity.
The Commission noted that Nigeria has far more cement production capacity than it currently consumes, yet prices have continued to climb. A bag that sold for between ₦9,300 and ₦9,700 at the start of the year was reported selling for as high as ₦15,000 in some areas by July. In comparison, cement sells for significantly less in several African countries with smaller markets.
All but one major cement manufacturer cooperated with the investigation by providing records. The next stage will focus on production costs, supply patterns, and whether there is evidence of anti-competitive behavior under existing law.
The regulator described cement as a strategic commodity whose price directly affects housing, infrastructure, and the cost of doing business across the country.
