FG meets cement producers Monday as price soars to N13,000

PUNCH, the Managing Director, Fame Oyster & Co. Nigeria, Femi Oyedele, said the present increment in the price of cement was not sustainable.

He asserted, “There will be a reduction in the price of cement very soon. However, an incessant increase in the price of cement will bring in unemployment for the artisans and tradesmen working on construction sites as most clients and contractors will pause their projects. Increase in the price of cement will cause lower construction to start and eventually cause homelessness to some people.

“The 28 million units housing deficit will increase, rental and capital values (sale prices) of existing houses will increase. Those property marketers who have been struggling to sell their houses will get buyers for the houses due to high cost of construction.

“In conclusion, I see the government issuing import licences to business men to import cement because the government consumes a lot of cement for its projects. The ridiculous increase cannot be accommodated with contingencies provision in the bill of quantities.”

It was earlier reported that the Federal Government through the Ministry of Housing and Urban Development has initiated a meeting with cement and building materials manufacturing but it remains to be seen if the discussion would yield results on the price of the essential materials.

Similarly, the Minister for Works, David Umahi, has scheduled a meeting with cement manufacturers to address the increasing cost of cement and the disparities between the factory price and the market price.