Rising Cost Of Cement: Nigerians Laments Over The Soaring Prices
The escalating cost of cement has become a pressing concern for Nigerians, particularly low and middle-income earners. As the price of this essential building material continues to surge, the dream of homeownership slips further away for many citizens. Between December 2023 and January 2024, the price of a 50kg bag of cement skyrocketed, reaching an average of N10,500 to N13,000 in various parts of Lagos, Ogun, and other states across Nigeria. This sharp increase was exacerbated by rising inflation, impacting both construction projects and individual aspirations. The Real Estate Developers Association of Nigeria (REDAN) has sounded the alarm. Unless a sustainable solution is found, Nigeria’s housing deficit will continue to rise. Dr. Aliyu Wamako, President of REDAN, expressed deep concern about the astronomical cost of cement one of the fundamental materials used in construction. For low and middle-income earners, the average price of N12,000 to N15,000 per 50kg bag makes buildi...