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    ALMOND 94.3 FM Ibadan

News

DEVELOPERS REJECT FEDERAL GOVERNMENT, MANUFACTURES’ CEMENT PRICE

todayFebruary 21, 2024 2

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Developers in the building industry have rejected the agreement reached between the Federal Government and cement manufacturers to reduce the price of cement between
N7, 000and N8, 000.

The President of the Real Estate Developers Association of Nigeria, Dr. Aliyu Wamakko, in an interview disclosed that the reduction was not good for the economy and noted that the price should be brought down to N5,000 for any meaningful improvement .

He also stressed that if the price remains as N8,000, most of the building  projects in the country would be left  uncompleted.

In the same view, the Executive Secretary, Association of Housing Corporation in Nigeria, Toye Eniola, condemned the negotiation.

He said, “What is fair in N7, 000 to N8, 000, when BUA promised us a slash from over N5,500 to N3,500 and now they are negotiating N8,000? Where are we heading to?”

Toye explained that the proposed negotiation is for the rich, thereby making housing inaccessible to the poor which would keep widening the deficit gap.

He noted that the way forward is to embrace local building materials as opposed to imported ones.

Cement Manufacturers had on Monday agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location nationwide.

However cement manufacturers in a statement, asked the government to address the challenges of gas shortage, import duty, smuggling, and road network.

Written by: Almond News

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