Opening Borders Will Crash Cement Prices, Say Quantity Surveyors
The Nigerian Institute of Quantity Surveyors supports the federal government's decision to open borders to reduce cement prices, challenging the dominance of major manufacturers and addressing the impact of hyperinflation on the construction industry.
The Nigerian Institute of Quantity Surveyors (NIQS) has expressed support for the federal government's recent announcement to potentially open borders if cement prices do not decrease. This stance was articulated by the NIQS President, Kene Nzekwe, during a press conference in Abuja, focusing on the hyperinflation's toll on the Nigerian construction sector. Despite agreements with manufacturers to reduce cement prices to N7,000, market surveys by Daily Trust Saturday revealed prices still hover between N10,000 and N13,000.
Nzekwe emphasized the need for the government's pronouncement, made by the Minister of Housing and Urban Development, to be put into action rather than remaining mere words. He critiqued major cement producers like Dangote, BUA, and Lafarge for potentially monopolizing the market, suggesting that opening the borders for cement importation could foster competition and benefit consumers.
The NIQS also highlighted the necessity for ongoing dialogue with local construction material manufacturers to comprehend and mitigate their challenges, particularly those stemming from exchange rate fluctuations, which have significantly devalued the naira.
Source: Daily Trust
