Home News CEMENT PRICES SKYROCKETS NATIONWIDE, RISES TO 13,000 PER BAG IN SOME SOUTH...

CEMENT PRICES SKYROCKETS NATIONWIDE, RISES TO 13,000 PER BAG IN SOME SOUTH EASTERN STATES.

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Abuja – February 15, 2024 – Viewpoint Housing News.

Nigeria’s crippling inflation has caused a change in the cost of cement.
According to a market survey, certain cement brands that were selling for between N5,000 and N5,500 in January are now selling for as much as N13,000.

Investigations had earlier on revealed that, operators under the Cement Manufacturers Association of Nigeria (CMAN) have raised prices of brands by over N1,000 per bag. This has increased retail prices from N5, 000 to N7, 200 or more in Lagos and Southwest region. In the Southeast region , prices have shot up to N13, 000 or higher.

in the south eastern zone, Dangote Cement retails for N10,50000, whilst Supaset and Bua charge N12,000.00 and N13,000.00, in that order.
Cement is now costing more than before. A cement worker said.
The development has already triggered a ripple effect in the open market, with prices going up by over 30 per cent in a few days; some property developers have already halted their construction activities, and are reviewing o plan sales, while others are seeking variation in contracts.

The Building Collapse Prevention Guild (BCPG) had earlier in the month appealed to President Bola Tinubu to intervene and avert an impending increase in the price of cement. A statement which was issued by the National President, Sulaimon Yusuf and General Secretary, Mrs Adenike Ayanda, for the group said: “Any further increase in the price of cement will be a direct threat to the ‘Renewed Hope’ Housing Programme of the Federal Government.
“Completion of ongoing building projects might be jeopardized by the impending hike in the price of cement. Buildings abandoned during the process of construction aggravate the risk of building collapse. With the dwindling purchasing power, new buildings might lack patronage and occupants due to high rental value.
They said cement is an essential ingredient in the production of buildings, adding, “Frequency in the increase of its price has impacted negatively in the nation’s housing sector. Experience has shown that high prices of cement tend to encourage reduction in the quality of building production. The consequence of this is the emergence of weak buildings that intensifies the occurrence of building collapse.”

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