The Federal Government’s intervention in escalating price of cement has paid off as prices drop across the country.
According to the Nigerian Tribune investigation, the cement price, which peaked at N2,200 per 50 kilogrammes bag during the crisis period, has dropped to between N1,500 and N1,700 per 50kg bag in various parts of the country.
Building contractors and individual developers told the Nigerian Tribune that the reduction in the price of cement was as a result of the Federal Government’s measure which allowed more people to import cement into the country.
Apart from this, they told the Nigerian Tribune that the onset of the rainy season also accounted for the gradual drop in the price of the product which they described as the primary raw material in the construction industry.
Mr. Jacob Adewumi described the reduction in the price of cement as a big relief to him.
According to him, he had to abandon the small bungalow he was constructing at Kuje when he could no longer bear the high cost of cement
“Just thank the government for me, at a time, I did not know whether I would be able to complete the construction of a residential building I started long term ago due to the high price of cement, but with the situation in the market now, I think I can now go back to the site,” he said.