Stakeholders Criticize Government’s Cement Price Agreement

Developers Criticize Federal Government's Cement Price Agreement

Developers Criticize Federal Government’s Cement Price Agreement

Stakeholders in the construction industry have voiced their disapproval of the recent agreement struck between the Federal Government and cement manufacturers.

During the meeting, it was decided that the price of cement would be lowered to a range between N7,000 and N8,000 per bag.

Statement By Real Estate President

In an exclusive interview, Dr. Aliyu Wamakko, President of the Real Estate Developers Association of Nigeria, expressed concerns over the economic implications of this reduction. He highlighted the local sourcing of most cement components and questioned why the price should exceed N5,000, stating that anything above that would hinder efforts to address the housing deficit.

Similarly, Toye Eniola, Executive Secretary of the Association of Housing Corporation in Nigeria, criticized the negotiation, arguing that the proposed prices would render housing unaffordable for the poor and widen the deficit gap.

Sola Enitan, CEO of Cromwell Professional Services International Limited, also criticized the reduction, predicting adverse effects on housing development and rental prices.

Jide Odusolu, CEO of Octo5 Holdings, raised doubts about BUA Cement’s earlier promise of selling cement at N3,500 per bag and urged a focus on government-funded social housing projects to benefit low-income earners.

In conclusion, stakeholders expressed dissatisfaction with the proposed cement prices and urged a reevaluation of policies to promote affordable housing and local building materials.

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