The Price of Cement in Nigeria rose from N1,200 and N1,600 to N2,300 marking over 35 per cent rise in the cost of the raw material used in the building and construction industry.
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.
According to The Nation report,, 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.
Kunle Awobodu lament that all ongoing contracts and abandonment of projects may become inevitable, adding that it may also discourage people from embarking on new projects.
He ask the government to intervene either in terms of policy for the manufacturing sector or the provision of constant electricity in order for them to thrive.