Due to a number of causes, including increased demand and supply chain interruptions, the price of cement, a basic building material, has skyrocketed.
A recent survey by TimesNow.com.ng found that the average retail price of a 50kg bag of the product sells for N10,000 across Lagos state.
This is a significant increase compared to October 2024, when the Financial Derivatives Company Limited reported that the average price of a 50kg bag of cement dropped to N7,500.
The increase has put a great deal of strain on homeowners and real estate developers, which has resulted in an alarming trend of buildings going unoccupied while some builders are seeking alternatives.
Recently, Anthony Onyekwe from Anambra state demonstrated a simpler and more indigenous method of producing bricks for home construction.
According to a Daily Sun report, he claimed that the nation’s growing cement prices compelled individuals to start looking at other home construction methods.
However, in light of the rising cost of cement, the man offered an alternate technique for making bricks without cement.
The video of the man combining sand to create local bricks sparked a range of opinions, some of which questioned its durability.
In another post on X, @chude_ , in a video, showed how to build a house without using cement.
Speaking about the growing price of cement needed to construct homes, a builder, Ikenna Okonkwo, stated that individuals find ways to survive in difficult times.
He told Daily Sun:
He spoke about the ripple effect the increase in cement has already triggered in the open market. According to him, some property developers have already halted their construction activities while reviewing their sales plan, with many others seeking variation in contracts.
TimesNow.com.ng reported earlier that Huaxin Cement business, the Chinese business that is anticipated to acquire Holcim’s 83% part in Lafarge Africa, has valued all of Holcim’s shares at $1.6 billion.
With an estimated enterprise value of $1.06 billion to $1.59 billion, the group will pay $838.8 million to acquire Holcim’s interest in Lafarge Africa.
The company’s Hong Kong Exchange report revealed its valuation.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
