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Opening Borders Will Crash Cement Prices: Quantity Surveyors
Opening Borders Will Crash Cement Prices: Quantity Surveyors
The Nigerian Institute of Quantity Surveyors (NIQS) has thrown its weight behind the recent government proposal to open the borders in response to the soaring prices of cement in the country.
During a press conference held in Abuja, the president of NIQS, Kene Nzekwe, articulated the institute’s stance on the matter. The event was aimed at shedding light on the adverse effects of hyperinflation on the Nigerian construction sector.
A recent market survey conducted by the Daily Trust on Saturday revealed that the prices of cement vary widely, ranging from N10,000 to N13,000, despite assurances from manufacturers to reduce prices to N7,000 following discussions with the Minister of Works, Dave Umahi.
Nzekwe stressed, “The Minister of Housing and Urban Development’s statement regarding the government’s decision to open the borders has the full support of the institute. We urge for tangible implementation rather than mere rhetoric.
“If the major cement producers, namely Dangote, BUA, and Lafarge, are inclined to exert monopolistic control over the market, then the logical step would be to liberalize the borders to allow for healthy competition from alternative sources,” he continued.
Furthermore, Nzekwe highlighted the pressing need for sustained dialogue with local construction manufacturers to grasp and tackle their challenges, particularly in light of exchange rate fluctuations that have led to a 300% depreciation of the naira.
The call for opening borders to alleviate the cement price crisis underscores the urgency of addressing market distortions and fostering a competitive environment that benefits consumers and the construction industry at large. NIQS’s endorsement of this proposal signals a proactive approach toward tackling economic challenges and ensuring a more sustainable future for the Nigerian construction sector.
