“N5,700 Per Bag”: Builders, Nigerians React to Reported Plan to Increase Cement Price in 2024
- The Building Collapse Prevention Guild (BCPG) has urged President Bola Tinubu to look into the planned increase in cement price
- The guild includes seven specialists in the built environment: surveyors, town planners, architects, and others
- It stated that the continuous increase in the price of cement will be consequential for individuals and the nation
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market
The Building Collapse Prevention Guild (BCPG) made a plea to President Bola Tinubu to stop the projected increase in cement costs in January 2024.
Source: UGC
In a statement signed by the National President, Sulaimon Yusuf, and the General Secretary, Adenike Ayanda, BCPG predicted that the increase would result in poor building practices and a rise in building collapses across the country.
According to the News Agency of Nigeria (NAN), the Guild is made up of seven specialists in the built environment: surveyors, town planners, architects, quantity surveyors, engineers, builders, and estate surveyors and valuers.
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The Guild pleaded with Tinubu to put Nigerians' safety first
It stated there were feelers that early in January 2024, cement makers planned to review cement pricing upward according to a Vanguard report.
According to the guild, if this is allowed to happen, it will worsen the economic situation of things.
It said:
“Cement is an essential ingredient in the production of building. Frequency in the increase of its price has impacted negatively in the nation’s housing sector. Experience has shown that the high price of cement tends to encourage a reduction in the quality of building production.”
It added that the consequence of this could be the emergence of weak buildings that intensify the occurrence of building collapse.
The BCPG urged President Tinubu to call a quick meeting with cement producers to avert the upcoming price hike.
It stated,
“The president needs to interrogate the current N5,700 market price of a 50kg bag of cement, despite the N3,500 price of the product recently promised by one of the cement manufacturers,”
According to BCPG, the Federal Government's "Renewed Hope" Housing Program would be jeopardized by any additional cement price increases.
It added that the projected increase in cement prices could potentially jeopardize the completion of ongoing building projects as buildings abandoned during the process of construction aggravate the risk of building collapse.
Nigerian Billionaire Rabiu speaks on cement price from January 1, 2024
Legit.ng reported that Nigerian billionaire Abdul-Samad Rabiu, Chairman of the BUA Group, has reassured Nigerians that his cement company will maintain the price of a bag at N3,500 in January 2024.
He gave this assurance while speaking with journalists after visiting President Bola Tinubu on Thursday, December 29, 2023, in Lagos.
He commented on plans for the new year and said the company would also make the product accessible and affordable to customers despite various challenges.
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Source: Legit.ng
