REDAN President Urges President Tinubu to Address Soaring Cement Prices to Alleviate Economic Hardship in Nigeria

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REDAN President Urges President Tinubu to Address Soaring Cement Prices to Alleviate Economic Hardship in Nigeria

In a recent development, Aliyu Wamakko, the President of the Real Estate Developers Association of Nigeria (REDAN), has issued a fervent appeal to President Bola Tinubu, urging swift action to mitigate the escalating prices of cement in the country. Wamakko emphasized the urgent need for a dialogue with cement manufacturers to avert further financial strain on Nigerians, particularly those involved in the real estate sector.

Highlighting the prevailing economic challenges facing the nation, Wamakko underscored the detrimental impact of the continuous surge in cement prices on the populace. He cautioned that the upward trajectory of cement prices could exacerbate the existing hardships, amplifying the difficulties faced by Nigerians, especially those engaged in construction activities.

Wamakko elaborated on the ripple effects of the escalating costs, expressing concerns over the potential rise in the price of ready-mix concrete and in-situ production of concrete, which could further strain the economic landscape. He emphasized the pivotal role of the construction sector in fostering employment opportunities and alleviating poverty, stressing the need to address the root causes of unemployment to curb associated social vices such as banditry and armed robbery.

Drawing attention to the substantial housing deficit in Nigeria, currently standing at 28 million units, Wamakko underscored the indispensable role of cement in building construction. He cautioned that persistent price hikes could impede progress in the housing sector, leading to compromised building standards and undermining initiatives aimed at addressing the housing deficit.

Referring to the warning issued by the Cement Producers Association of Nigeria in September 2023 regarding the potential price increase due to government plans for concrete roads, Wamakko urged the government to adopt a proactive approach to tackle the recurrent issue of cement price fluctuations. He advocated for measures to promote increased participation in the cement industry to ensure stability in prices and facilitate affordable access for all Nigerians.

Wamakko reiterated the imperative for government intervention to investigate the underlying causes of the price hikes and enforce measures to uphold the promised price ceiling of N3,500 per bag of cement. He cautioned that any further escalation in prices would pose a direct threat to the federal government's 'Renewed Hope' agenda housing programme, hindering efforts to address housing challenges in the country.

Addressing the prevailing market situation, Wamakko disclosed that despite the association's efforts to maintain stability, major retailers continue to sell cement at prices ranging from N5,500 to nearly N8,000 in key locations. He attributed the disparity in prices to various factors, including outdated stocks, logistical challenges, and distributor practices, underscoring the urgency of addressing the issue to safeguard the interests of all stakeholders and uphold affordability in the construction sector.

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