Nigerians Cry Out: Soaring Cement Prices Leave Homeownership Out of Reach
Nigerians Struggle with High Cement Prices
Many Nigerians, especially those with low and middle incomes, are deeply concerned about the soaring cost of cement. They fear they may no longer be able to afford to build their own homes, a dream that seems to be slipping away as cement prices continue to rise.
Between December 2023 and January 2024, a 50kg bag of cement was selling for an average of N5,000 to N6,000. However, a recent survey conducted by Vanguard in February 2024 revealed shocking prices ranging from N10,500 to N13,000 in various parts of Lagos, Ogun, and across Nigeria. This sharp increase has left many in distress.
In response to the outcry, the Federal Government met with cement manufacturers and stakeholders to address the issue. The Minister of Works, David Umahi, acknowledged the challenges faced by manufacturers and expressed the need to bridge the gap between factory prices and market prices. After the meeting, major manufacturers like Dangote and BUA agreed to reduce prices to a range of N7,000 to N8,000 per 50kg bag, with the government also pledging to address the manufacturers’ concerns such as bad roads and inflation.
Dr. Aliyu Wamako, President of the Real Estate Developers Association of Nigeria (REDAN), emphasized the dire consequences of high cement prices. He highlighted that for low and middle-income earners, the current prices ranging from N12,000 to N15,000 per bag are making it increasingly difficult to afford housing, which is a basic necessity.
The impact of these high prices is felt across the board. Samuel Abayomi, a resident building his house, expressed frustration at the situation, fearing that the dream of homeownership is slipping away for many. Building contractors like Peter Ekondu have had to halt construction due to the exorbitant prices, affecting not only their livelihoods but also the jobs of those they employ.
Cement sellers are also feeling the pinch. Sanusi and Musa Adamu highlighted the challenges they face, including rising costs of raw materials and transportation. They emphasized that while they strive to provide affordable cement, external factors beyond their control are driving prices up.
In the midst of this struggle, ordinary Nigerians like Isaac Danjuma, Amaka, and Ugochukwu Ebube are caught in the middle. As cement vendors, they are finding it increasingly difficult to sell their products due to poor patronage and the burden of high prices.
The collective plea from Nigerians is clear: urgent action is needed to address the escalating cost of cement. Without intervention, the dream of owning a home for many low and middle-income earners will remain just that—a dream.
