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 building or owning a house increasingly unattainable.

In response to the crisis, the Federal Government engaged in dialogue with cement manufacturers. Major players such as Dangote and BUA agreed to reduce prices to a range of N7,000 to N8,000 per 50kg bag. However, challenges persist. Manufacturers cite issues like bad roads, exchange rate fluctuations, and inflation as contributing factors to the price surge.

Nigerians eagerly await tangible outcomes from this dialogue. The housing sector hangs in the balance, with abandoned projects looming as a specter. While government interventions are commendable, more concerted efforts are needed to alleviate the burden on citizens. Perhaps even the threat of opening borders to allow import of finished cement products is on the table.

As the nation grapples with this crisis, the dream of affordable housing remains elusive for many. The cost of cement once a cornerstone of progress now stands as a formidable barrier to building a better future.