The cost of cement, a fundamental building material, has increased dramatically for several reasonsHomeowners and real estate developers have been greatly impacted by the growth in prices across regionsA Nigerian recently showed how to make bricks for building homes using a more straightforward and local process
Henzodaily.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Due to a number of causes, including increased demand and supply chain interruptions, the price of cement, a basic building material, has skyrocketed.
The increase in cement has already triggered a ripple effect in the open market. Photo Credit: Dangote Cement
Source: UGC
A recent survey by Henzodaily.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.
Read also
Africa’s richest man Dangote gives N16 million scholarships to Nigerian students
Recently, Anthony Onyekwe of 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 house without using cement.
Speaking about the growing price of cement needed to construct homes, builder Mr. Ikenna Okonkwo stated that individuals find ways to survive in difficult times.
He told Daily Sun,
“I am using clay to mold brick blocks and I also found out it was the same clay that my fathers and forefathers used that gave the Oyibo people the idea of developing cement. “Oyibo people did not start using cement until they left Africa. They were using wood, bamboo and ropes. They learnt the molding type from Africa and maximized the use thereafter.
Read also
Blown off course, turbine giant Orsted seeks second wind
“I made bricks using the local mud and mixed sand with water and molded the local bricks without any cement. This makes possible the dream of lowering construction costs for prospective builders to own their homes with little income in their pockets. Going by this, homeownership that has become a nightmare going by the consistent increase in the price of cement by producers would now be a thing of the past.
“The increase in cement has already triggered a ripple effect in the open market, with prices going up by about 30 to 50 per cent in a few days. Some property developers have already halted their construction activities while reviewing their sales plan, with many others seeking variation in contracts.
“Investigations revealed that operators under the Cement Manufacturers Association of Nigeria (CMAN) have raised prices of brands by over N10, 200 per bag. This has increased retail prices from N13, 000 to N14, 200 or more in Lagos and Southwest region. In Southeast and Abuja, prices have shot up to N15, 500 or higher,” he said.
Read also
President’s push to scrap gold mining ban causes outcry in El Salvador
Chinese firm to acquire Nigerian cement company
Henzodaily.ng reported that according to reports, 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.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Henzodaily.ng