Developers Reject N8,000 Cement Price: A Closer Look at the Impact on Nigeria’s Housing Market

Developers in Nigeria’s built industry have rejected the agreement reached between the Federal Government and cement manufacturers to reduce the price of cement to between N7,000 and N8,000.

This development has sparked a debate on the impact of this price reduction on the country’s housing market and the overall economy.

The proposed price reduction comes at a time when Nigeria is facing a significant housing deficit, with the demand for affordable housing far outstripping supply.

The high cost of building materials, including cement, has been a major factor in the slow pace of construction and the high cost of housing in the country.

However, developers argue that the proposed price reduction to N8,000 is still too high and will not have a significant impact on the housing market.

They claim that for the price reduction to have a meaningful impact, cement prices need to be reduced to around N5,000 per bag.

The rejection of the proposed price reduction by developers has led to calls for the government to do more to address the high cost of building materials in Nigeria.

Many believe that the government should focus on developing local production capacity and reducing the reliance on imports, which can be subject to price fluctuations and other external factors.

The debate on the impact of the proposed cement price reduction on Nigeria’s housing market is ongoing, and it remains to be seen what the final outcome will be.

However, one thing is clear: the need for affordable housing in Nigeria is more pressing than ever, and the government and other stakeholders must work together to find a solution to this pressing issue.