Nigerians, especially the low and middle-income earners, have cried out over the present high cost of cement saying they will no longer be able to own their houses in the country.
Between December 2023 and January 2024 the price of a 50kg bag of cement sold for an average of N5,000 and N6,000 in the open market. However, in a survey carried out between February 11 and March 10, 2024, the price of a 50kg bag of cement rose to between N10,500 and N13,000 in many parts of Lagos, Ogun, Edo, and other states across Nigeria amidst rising inflation
Bldr Aruoma Osaigbokan , a building contractor based in Benin who spoke with Truth Live News, in a telephone interview, was particularly worried, like most of his colleagues in the building industry, about the astronomical rise in the cost of cement, one of the basic materials used in the construction industry.
Mr. Samuel explained that low and middle-income earners will find it difficult, if not impossible, to build or own houses with the average cost of cement hovering around N12,000-N15,000 per 50kg bag. He also decried that contractors and builders are running out of jobs.
Our correspondent spoke with some cement vendors who complained about low patronage since the price increase.