Bag Of Cement Hits N8,500 As Real Estate Developers Laments, Beg Tinubu For Intervention

Bag Of Cement Hits N8,500 As Real Estate Developers Laments, Beg Tinubu For Intervention

The price of cement has now reached N8,500 as at February 12, 2024, The Eaglesforesight reports.

In a recent statement, Aliyu Wamakko, REDAN’s president, called on President Bola Tinubu to invite cement manufacturers for an urgent discussion to prevent further hardship for Nigerians.

Wamako said there is economic hardship in the country and the upward trajectory of cement prices would exacerbate the already difficult situation for Nigerians, particularly those working in the real estate sector.

“The price of ready-mix concrete will also be increased while the cost of in-situ production of concrete will rise significantly. Such an increment, if allowed to take place, will worsen the economic situation of the nation,” he said.

“When there is construction, there is multiple employment and it helps to reduce the poverty index of the country. But remember, because of no employments, the resultant effect is banditry, kidnapping, armed robbery.

“The federal government should also remember that we have 28 million housing deficit in Nigeria.”

“Cement is an essential ingredient in the production of buildings. Frequency in the increase of its price has negatively impacted the nation’s housing sector. Experience has shown that high prices of cement tend to encourage a reduction in the quality of building production.”

On September 25, 2023, the Cement Producers Association of Nigeria warned that the government’s plan to introduce concrete roads could lead to an increase in the price of cement, from the current price of N5,500 to between N8,500 and N9,000.

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