• Business - Economy
  • Updated: October 02, 2023

Building Institute Urges FG To Reduce Cement Price

Building Institute Urges FG To Reduce Cement Price

The Nigerian Institute of Building, Lagos Chapter has urged the Federal Government to intervene and reduce the cost of cement in the country.

The institute made the call at the press briefing in preparation for the 32nd Builders Conference themed “Safe and Sustainable Building Production Management” in Lagos recently.

Adeoye Thomas, the Vice President of NIOB, Lagos State Chapter, said the intervention of the Federal Government is needed to stop the skyrocketing prices of cement.

“Everything is based on foreign exchange, which is very bad, and it cannot be taken away from the manufacturers of those cement because in the business to make a profit.

"However, in advanced countries, the government intervenes. If the need is to subsidise, the government should do it. If not, sharp practices would become the order of the day, birthing building more collapses.

“Buying cement at the rate of N5,000 or more is not sustainable. Hence, buildings would keep on collapsing as developers just want to make a profit, and they do this also by engaging quacks and using substandard materials.

"The intervention of the government is very important either by subsidising or collaborating with the manufacturers.”

Also speaking, Ogundare Abiodun, the Honorary Secretary, NIOB, Lagos State Chapter, Ogundare, said it us important for the government to intervene in the areas where the cost of production can be reduced, especially for the raw materials.

“About 10 per cent of the material used in the production of cement is imported, and we have 90 per cent here in the country.

"If we have 90 per cent here, the government can work on whatever cost to be incurred when producing locally to help reduce the cost of production, hence the money would come down rather than increase.”

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