August 31, 2016

Cement Price Rises, Now Sells For Over N2,000

The price of cement rose to between N2,200 and N2,300 in Lagos and other parts of the country.

Before the hike, a bag of cement costs about N1,600 marking over 35 percent rise in the cost of the raw material used in the building and construction industry.

Reacting to the development, 2nd Vice President Vice President, Nigeria Institute of Building (NIOB), Mr. Kunle Awobodu said the increase may have been as a result of cost of production and the devaluation of the naira.

He lamented that with the hike, the cost of construction will increase while the need for cost variation in all ongoing contracts and abandonment of projects may become inevitable, adding that it may also discourage people from embarking on new projects.

He said: “Clients, contractors and quantity surveyors may have disagreements due to price variations. New price on old contracts in a competitive bidding may eventually lead to sub-standardisation in construction.”

A cement distributor in Arepo, Ogun State said the new price came as a surprise, adding that it many have been occasioned by the current economic down-turn. Another distributor at Ajah area of Lagos, Mr. Kunle Salami said he has stopped his requests for more supplies as he is not sure of his customers reactions, considering the hardship being experienced in Nigeria presently.

7 comments:

ats three said...

Na wa o.

samaila sulaiman said...

May God help us

Harbolarkale Niyi said...

It's well with Nigeria

inumidun said...

God hlp us..

Hassan Aderemi said...

Nigeria which way we are going, for the price of everything is hike & no money in circulation?

elvis alamanjo said...

Sai mai chanji... Am sure its a sign of better days to come... The next zombie to comment won't see that sha...

DenoArt said...

Fighting corruption is not bad, but more attention should be given the skyrocketing price of goods and unemployment otherwise, there would be great increase in crime.