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Bag of cement hits N8,000 as real estate developers cry out, beg Tinubu for intervention 

The price of cement has now reached N8,000 as at February 12, 2024, News Week Nigeria reports. 

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Bag of cement hits N8,000 as real estate developers cry out, beg Tinubu for intervention 

 

The price of cement has now reached N8,000 as at February 12, 2024, News Week Nigeria reports. 

 

The Real Estate Developer’s Association of Nigeria (REDAN) says the rising cost of cement would worsen the country’s economy.

 

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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.

 

READ ALSO|Tinubu suspends seven top government officials over N1.2bn transferred from agency’s coffers to private bank accounts

 

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“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 employment… the resultant effect is banditry, kidnapping, armed robbery.

 

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

 

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“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 N5,000 to N9,000.

 

News Week Nigeria understands that the price of cement has now reached N8,000 as at February 12, 2024.

 

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Speaking on the consequences of the rising cost, Wamakko said the government should take a long-term approach to address the recurring issue of cement price hikes by facilitating increased participation in the cement industry.

 

He said it is unacceptable for Nigerians to pay more than N3,500 per bag of cement.

 

How much is a bag of cement in Nigeria in 2023?

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The REDAN boss called on the president to investigate the reasons for the price increases and to take action to ensure that the promised price of N3,500 by a cement manufacturer is achieved.

 

According to Wamakko, any further increase in the price of cement would be a direct threat to the ‘Renewed Hope’ agenda housing programme of the federal government.

 

READ ALSO | Tension in Aso Rock as Presidency moves to sack some top government officials for leaking Tinubu’s classified documents 

 

“Cement is a major component in building construction, serving as a binder substance, hardens and adheres to other materials to bind them together,” he said.

 

He said Abdulsamad Rabiu, the chairman of BUA Group, had last year, announced the intention of his brand to reduce the ex-factory price of its cement to N3,500 beginning from January 2024.

 

“But the price has remained unchanged,” Wamakko added.

 

What is the price of cement in Nigeria in 2024?

The association’s president said major retailers have kept on with the old prices ranging from N5,500 to almost 8,000 in major locations, as distributors claim to have old stocks while some blame the high prices on the cost of logistics.

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