The Nigerian Institute of Building (NIOB) has said the significant rise in cement prices in the country and the low purchasing power of Nigerians may result in a danger to building construction standards, according to This Day. The institute has therefore called upon the government's intervention.
Cement prices recently increased from around NGN2600/50kg (US$6.86) to NGN3500/50kg. The NIOB has stated that the price increase could exacerbate an already volatile and precarious situation. Therefore, there will be an increased need for vigilance and policing of the construction processes.
The institute also noted that the COVID-19 lockdown and subsequent surge in construction demand were not enough of a justification for the cement price hike, due to the domestic availability of raw materials.
