Emmanuel OchayiThe Minister of Housing and Urban Development, Arc. Musa Dangiwa, expressed concern about the constant increase in cement and other building material prices in Nigeria.
He said, “It’s sad to see Nigerians paying more for cement almost every day. I don’t know why prices keep going up, and it’s not okay.”
Join our WhatsApp ChannelHe plans to meet with cement manufacturers to understand the reasons behind the price hikes.
He emphasized that since the raw materials for cement production are sourced locally, blaming it on the dollar exchange rate isn’t justified.
The minister aims to address the high costs of building materials to promote affordable housing, a key focus of President Bola Tinubu’s administration.
Additionally, the Ministry of Housing and Urban Development launched the Building Materials Reform Task Team in January 2024 to boost the building materials industry by setting up manufacturing hubs in each geopolitical zone. However, these hubs are not operational yet, according to Minister Dangiwa.
Investigations by a Prime Business Africa revealed that the price of a 50kg bag of cement has surged to around N9,500 as of February 15, 2024, compared to N6,000 to N6,500 in January 2024.
This sudden increase has led some retailers to stop sales, fearing further price hikes.
About five months ago, the Cement Producers Association of Nigeria warned that the government’s plan to use concrete for roads could raise cement prices to N9,000 per bag from the current N5,000.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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