₦1 Million Bought 573 Bags of Cement in 2014, but Only 66–83 Bags in 2026

The buying power of ₦1 million has fallen sharply when measured against the price of a 50kg bag of cement in Nigeria. In 2014, when a bag sold for about ₦1,745, ₦1 million could buy roughly 573 bags. In 2022, at about ₦3,500 per bag, the same amount could buy around 286 bags. By July 2026, reported retail prices ranged from about ₦12,000 to ₦15,000 per bag, depending on the brand and location. At those prices, ₦1 million buys only about 66 to 83 bags. This means ₦1 million now buys roughly seven to nine times fewer bags of cement than it did in 2014, highlighting the decline in naira purchasing power.

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