Afrigather Amidst efforts to shut Nigeria’s housing hole and in addition raise an excellent variety of residents out of poverty, cement worth within the nation is rising with only a step away from N15,000 per 50kg bag.
This worth enhance means there shall be affordability points with far-reaching implications for housing provide and development actions, each of that are options to 2 main social issues of home-ownership and job creation.
Nigeria has an estimated 20 million housing items deficit which is the rationale homeownership stage within the nation is as little as 25 p.c of its large-size inhabitants estimated at 200 million.
Building business is touted as the most important employer of labour. With the skyrocketing worth of cement, many development websites which can be cement-based could also be closed down or endure setback through which case some employees–expert and unskilled, shall be thrown again into the labour market.
With the pace at which the worth is rising, from N5,600 in January this 12 months to N8,000 in Lagos,N8,500 in Enugu, N9000 in Onitsha, Anambra State, and N9,500 in Owerri, Imo State, the worth is projected to rise to N15,000 within the days and weeks forward. S nam
“I can speak about this; I’m most likely one of many final folks in Nigeria to get cement at beneath N9,000. About now, I needs to be taking supply of 900 luggage purchased yesterday (Wednesday) at 8,200 and that’s employees worth, a builder, who didn’t need his identify talked about, alerted BusinessDay.
In response to the builder, that very same day, BUA Cement was promoting for 10,000 whereas Dangote was 9,600. He couldn’t affirm Lafarge, however suggested anybody who had a constructing challenge to go forward and purchase as many luggage of cement and constructing supplies as he might afford.
“For those who can, borrow and purchase, it is going to be price it, the builder suggested additional, stressing that the worth of the product would hit N13,000 per bag in locations like Enugu in a couple of days’ time.
In the meantime, a 50 kilogramme bag of cement now sells for between N10,000 and N15,000 within the Federal Capital Territory (FCT), Abuja.
A Friday afternoon media report cites a market survey which says that in Gwarimpa, Space 10, Kubwa, Lugbe and Dawaki areas that of the FCT, a 50kg bag of Dangote cement offered for N10,000 whereas BUA cement stood at N15,000.
The report quotes a retailer in Gwarimpa who launched himself as Yinka Adebayo as confirming that the worth of Dangote cement is N10,000 whereas that of BUA is N15,000, recalling that he offered a bag of cement for N6,000 simply final month.
“We promote Dangote cement at N10,000 per bag, and BUA is N15,000. Sadly, it would shock you that I offered the identical bag of cement for between N5,500 to N6000, final month,” he mentioned.
In Kubwa, one other retailer referred to as Rukiyat Abdullahi mentioned Dangote cement offered for N10,200 whereas BUA offered for N16,000. At Lugbe, the retailers confirmed that Dangote and BUA cement costs had been N10,000 and N15,000, respectively.
Nigerians have been expressing fear over this growth with Ahmed Dangiwa, minister of housing and concrete growth, decrying the astronomical rise within the worth of the product and different constructing supplies throughout the nation.
He mentioned the worth hike was unacceptable, insisting nevertheless that the fluctuation within the alternate fee of the greenback couldn’t be blamed.
However analysts have been pointing fingers at excessive transportation price, common rise in , commodity costs and, most significantly, galloping inflation for the meteoric rise within the worth of the product which is a serious element of the constructing and development supplies.
The Nationwide Bureau of Statistics (NBS), in its Shopper Value Index report for January, mentioned inflation soared to 29.90 per cent and that, in fact, is the elephant in China store.
