Cement prices, Dr. Aliyu Wamakko, the President of the Real Estate Developers’ Association of Nigeria (REDAN), voiced grave concerns on Monday regarding the escalating price of cement, which has soared to an alarming N15,000 per 50kg bag in certain regions of Nigeria. He cautioned that this surge in price is casting a shadow over the country’s infrastructure development efforts and exacerbating its considerable housing shortfall.
Despite the government’s increased budget allocation to critical sectors, including a substantial N1.32 trillion allocated to infrastructure in the 2024 Federal Government budget, the cost of cement continues to rise. Dr. Wamakko expressed disappointment that assurances from stakeholders regarding increased production and anticipated price reductions have not materialized, leaving developers and builders grappling with challenges.
Dr. Wamakko urgently called on the Federal Government, particularly the Minister of Housing and Urban Development, Arch. Dangiwa Musa, to convene a meeting with stakeholders within two weeks, as promised. He warned that failure to address the continuous price hikes in cement could compel a suspension of construction activities at various sites.
Highlighting the broader implications of the price hike on the housing sector, Dr. Wamakko emphasized the need for government intervention to mitigate challenges exacerbated by exchange rate volatility. He underscored the adverse impact of high building material costs on construction projects in key Nigerian states, such as Lagos, Ogun, Port Harcourt, Kano, Abuja, Anambra, and Oyo, leading to delays and increased project expenses.
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Cement prices
Dr. Wamakko emphasized the urgent need for government action to address the soaring cost of cement prices and its detrimental effects on the housing sector, urging policymakers to implement measures to improve material supply and affordability while alleviating the burden on developers and builders.
