The over 60 per cent hike in the price of cement is causing huge scare for builders in Nigeria, as recession bites hard.
In the last few weeks, the price of the product has increased from 1,500 Naira to as high as 2,500 Naira.
The unexpected increase in price has been generating reactions from citizens of the nation that has huge housing deficit.
In Ilorin, in the South-west Region, people who need cement for different purposes are asking the Nigerian government to set up a cement factory to check the incessant increase due to monopoly.
An architect at the site of a shopping complex construction, Christopher Okebuko, lamented that the increase from 1,500 Naira last two weeks to 2,500 Naira has affected the cost of the project.
“I cannot go back for project variation now,” he said.
Slid Into Recession
Other people also lamented how the new price has affected them.
A civil servant, Olanrewaju Ahmed, said he had borrowed money to buy the building materials in order to complete his personal house.
He asked the government to intervene in the situation triggered by the nation’s economy that has slid into recession.