By Miriam Humbe
The Federal Competition and Consumer Protection Commission, FCCPC has said that its 3-month investigation has found possible manipulation of cement prices in Nigeria, despite the country having enough limestone, factories, and even surplus for export.
This was contained in a statement signed on Tuesday by FCCPC’s, Director Corporate Affairs, Ondaje Ijagwu.
In a 40-page preliminary report released on Tuesday, August 18, 2026, the FCCPC’s Anticompetitive Practices Department compared Nigeria with other African markets, and the findings are troubling:
* Kenya: Population 58.6m. Cement demand 9.3m MTPA. Retail price in Nairobi: $5.40 = N7,344. Kenya has limestone.
*Tanzania: Population 66.3m. Cement demand 9.3m MTPA. Retail price: $4.80 = N6,528.
*Togo: No limestone deposit. Retail price: $6.75 = N9,180.
Nigeria: Population over 230m. Installed capacity 60-65 million MTPA. Domestic consumption only 25-30 million MTPA. Nigeria is even a net exporter, yet in the country, a 50kg bag that sold for N9,300 – N9,700 in January was selling for N10,500 – N13,000 by mid-year. By July, some areas reported N13,000 – N15,000.
Three companies control over 90% of installed production capacity in Nigeria. All cooperated with FCCPC’s investigation except one.
The Report said: “Of particular concern to the Commission is that this level of production capacity has not resulted in the downward pressure on domestic prices that might ordinarily be expected in a competitive market with substantial excess capacity,” the report stated.
Manufacturers have blamed energy costs, Naira depreciation, imported spare parts, transportation and logistics.
Meanwhile, the FCCPC says it is “testing these explanations against verified information on costs, production, pricing and market conditions.”
The FCCPC has now issued Notices of Commencement of Investigation and Summons to Produce to key players in the sector.
They must provide records on pricing methodologies, production, capacity utilisation, exports, and commercial relationships.
Mr. Tunji Bello, the FCCPC Boss has said that the investigation is all about protecting Nigerians.
Bello said: “Cement occupies a strategic place in the Nigerian economy. Its price affects the cost of building a home, developing commercial property, delivering public infrastructure and, ultimately, the cost of doing business.
“When concerns persist about how such an important market is functioning, the Commission has a duty to look beyond assumptions and establish the facts.
“Businesses are entitled to make legitimate commercial decisions and earn returns on their investments.
“Competition law does not prevent that. Its purpose is to protect the competitive process, so that prices… are determined by genuine competition rather than conduct that unlawfully restricts it.”
The FCCPC will now determine if high cement prices are due to legitimate costs or coordinated conduct, abuse of market power, restriction of supply, or anti-competitive distribution practices— all violations under the FCCPA.
With housing and infrastructure costs already sky high, millions of Nigerians will be watching to see if this investigation brings succour by lowering cement prices.
