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By Samaila Emmanuel Bzugu
The cost of building materials in Nigeria has skyrocketed, with the price of cement hitting an all-time high of N8,800 per 50kg bag. This drastic increase is crippling the construction industry, particularly the real estate sector.
Experts attribute the surge in cement prices to various factors, including logistics costs, inflation rate, and foreign exchange crisis.
An agreement was reached to cap the price of cement at N7,000-N8,000 per 50kg bag, depending on location
The price increase has severe consequences for the construction industry, including abandoned projects and reduced demand.
The federal government has intervened, calling for a meeting with major cement producers to address the issue. An agreement was reached to cap the price of cement at N7,000-N8,000 per 50kg bag, depending on location.
Market observers remain optimistic about potential price reductions, emphasizing the need for collective efforts from manufacturers, wholesalers, retailers, and governmental bodies to ensure affordability and accessibility of cement for all Nigerians.
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