Developers will face hard times as cement manufacturers have hiked the price of their product.
The price review is with effect from April 1, 2019.
Investigations by Viewpoint Housing News over the weekend showed that the price of the 50 kilogram bag of cement is increased by 15 percent.
This has become a thing of worry to not only developers but distributors as well.
A dealer said, “The direct purchase as a distributor was formerly N2,350 but it has been increased with the sum of N150 which is now N2,500.”
An official of the Dangote Cement who declined speaking with Viewpoint Housing News on the matter said that he only gives out information to distributors.
Information gathered from reliable sources show that the market leaders – Dangote Cement Plc, Lafarge Cement, WAPCO Plc, Ashakacem Plc and United Cement Company prices have been reviewed upwards.
With the current situation, in the open market, a bag goes for N2,550 or N2,600 depending on location.