Nigeria Housing Crisis Looms as Cement Prices Skyrocket in Nigeria

Nigerians are lamenting the soaring cost of cement, expressing concerns over their ability to afford housing amidst skyrocketing prices.

The Real Estate Developers Association of Nigeria (REDAN) warns that the country's housing deficit will worsen unless cement prices decrease. In December 2023 and January 2024, a 50kg bag of cement ranged from N5,000 to N6,000.

However, within a week in February 2024, prices surged to between N10,500 and N13,000 in Lagos, Ogun, and other states. The Federal Government intervened, meeting with cement manufacturers to address the issue.

Major producers, including Dangote and BUA, agreed to reduce prices to N7,000 to N8,000 per bag. REDAN President Dr. Aliyu Wamako expressed concern, stating that the rising cost of cement, now at N12,000 to N15,000 per bag, poses challenges for low and middle-income earners.

Residents, contractors, and sellers are affected, with projects suspended due to unaffordable prices. Cement sellers attribute the price hike to transportation costs and raw material expenses.

Despite the intervention, citizens continue to face financial strain, with some calling for government action to stabilize prices.