FG, Cement Producers Can Resolve Increase In Price Of Cement

The President of the Real Estate Developers Association of Nigeria (REDAN), Aliyu Wamako, has expressed deep concern over the significant increase in cement prices, a critical construction material, during an interview with Vanguard on Thursday.

This rise has sent shockwaves through the building industry, raising alarms about the far-reaching consequences on housing affordability and the construction sector at large.

With the price of a 50kg bag of cement now fluctuating between N12,000 and N15,000, the cost escalation has become a major obstacle for low and middle-income earners aspiring to build or purchase homes.

Wamako highlighted the grim reality that, given the current price levels, the dream of homeownership is drifting further out of reach for a substantial segment of the Nigerian population.

He said, “The truth is that low and middle-income earners will find it increasingly difficult to afford housing, which is a basic need, not to even talk about those who don’t have sustainable or reliable income. “We understand the government is doing the best it can on this issue, but more needs to be done.

“In fact, we heard about the government’s threat to open the borders to allow the import of finished cement products if that will help.

“We think that if they decide to work together, both government and indigenous cement manufacturers can find a lasting solution to this problem.”