Forex: Cement price skyrockets nationwide

Forum 7 years ago

Forex: Cement price skyrockets nationwide

Price of cement has risen nationwide.
A bag which hitherto sold for about N1, 600, now sells for N2,200 and above.

2nd Vice President, Nigeria Institute of Building (NIOB), Mr. Kunle Awobodu attributed the increase to the cost of production and the devaluation of the naira.


He noted that the cost of construction would increase, while many would avoid embarking on new projects.

Awobodu said: “Clients, contractors and quantity surveyors may have disagreements due to price variations. New price on old contracts in a competitive bidding may eventually lead to sub-standardisation in construction.”