In recent weeks, the federal government has been attempting to negotiate an agreement to address the persistent rise in cement prices. However, manufacturers have continued to defy government directives and agreements, maintaining prices well above the agreed range of N7,000 to N8,000 per 50kg bag. Leading brands such as Dangote, BUA, Lafarge, and Ibeto are still selling at an average price of N11,000 per bag, despite warnings of potential border openings for product imports.<\/p>\n
The ongoing high prices have drawn concern from experts and stakeholders in the real estate sector, who view them as unsustainable, unrealistic, and detrimental to investment. This situation impacts developers, property owners, and other end-users connected to the real estate industry.<\/p>\n
Experts attribute the price hike to the monopoly held by a few cement manufacturers. They argue that breaking this monopoly is essential to curbing further price increases. Adeniji Adele, former president of the International Real Estate Federation (FIABCI)-Nigeria, suggests that granting operational licenses to more manufacturers could increase supply and meet the rising demand from real estate developers, highway contractors, and bridge builders.<\/p>\n
Meanwhile, the Cement Producers Association of Nigeria (CPAN) has called on the President to collaborate with the Ministry of Industry, Trade, and Investment, as well as the Ministry of Finance, to break the monopoly in the cement industry. They advocate for expanding opportunities for participation by individuals with verifiable local investments in cement and related interests, according to David Iweta, the Association Chairman.<\/p>\n","protected":false},"excerpt":{"rendered":"
In recent weeks, the federal government has been attempting to negotiate an agreement to address the persistent rise in cement prices. However, manufacturers have continued to defy government directives and agreements, maintaining prices well above the agreed range of N7,000 to N8,000 per 50kg bag. Leading brands such as Dangote, BUA, Lafarge, and Ibeto are […]<\/p>\n","protected":false},"author":27,"featured_media":25512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,172],"tags":[],"class_list":["post-25498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/25498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=25498"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/25498\/revisions"}],"predecessor-version":[{"id":25513,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/25498\/revisions\/25513"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/25512"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=25498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=25498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=25498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}