UNBELIEVABLE!!! Cement Developers Leaves Nigerians In SHOCK As They Reject N8, 000 Cement Price, See Their New Rate

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The Real Estate Developers Association of Nigeria President, Dr. Aliyu Wamakko, criticized the recent cement price reduction agreement, deeming it detrimental to the economy. He questioned the necessity for the price to be slashed to between N7, 000 and N8, 000 when BUA Cement had pledged to lower it to N3, 500. Wamakko emphasized that any price exceeding N5, 000 would hinder progress in addressing the 28 million housing deficit. He urged for a revision to a more reasonable rate of N5, 000 to facilitate ongoing and future construction projects nationwide.

Echoing similar sentiments, Toye Eniola, the Executive Secretary of the Association of Housing Corporation in Nigeria, condemned the negotiation, labeling it as advantageous only to the wealthy. Eniola emphasized the importance of embracing local building materials to alleviate the financial burden on low-income earners. He advocated for the adoption of alternative materials such as interlocking blocks and bamboo to reduce dependency on costly imports.

Sola Enitan, CEO of Cromwell Professional Services International Limited, expressed dissatisfaction with the marginal reduction in cement prices, highlighting its potential to exacerbate housing challenges. Enitan cautioned that the price hike could trigger increased rent rates and strain government interventions, urging for prudent use of cement to mitigate adverse effects on the economy.

Jide Odusolu, CEO of Octo5 Holdings, challenged BUA Cement’ s earlier promise of a significant price drop, questioning its implementation. Odusolu stressed the need for accessible housing solutions for low- Income earners, urging the government to address underlying issues such as gas shortage and

smuggling to stabilize cement prices.

Cement manufacturers recently agreed to retail 50kg bags of cement between N7, 000 and N8, 000, citing challenges including gas shortage, import duty, smuggling, and road network issues. However, the consensus has sparked skepticism among developers, raising concerns about the affordability and accessibility of housing materials amidst prevailing economic uncertainties.

(PUNCH )