Cement manufacturers yesterday shocked home seekers and builders by suddenly increasing the price of a 50 kilogramme bag of cement by 35.2 per cent from N1,700 to N2, 300 in 24 hours. As at Monday, the product was still sold at N1,700 per bag. The major price increase is coming at a time when Nigerians are passing through a difficult economic situation and when everybody believes that the country is self-sufficient in cement production. Homebuilders who bought some bags of cement on Monday at N1,700 in Lekki, Lagos, could not understand happenings in the building materials market, as they were told by traders that cement price had increased to N2,300. A survey by New Telegraph further revealed that while the product is sold at N2,300 in Lekki corridor, it is being sold between N2,150 and N2,200 in Ikeja, Mowe and Ibafo axis of Ogun State. When this newspaper made enquiries, a cement retailer in Ibafo, Mrs. Ibidun Oke, said: “That is how we see it. My supplier just tol...