Akwa Ibom State University (AKSU) is a conventional academic institution whose vision seeks to keep aflame the pursuit of Knowledge, Excellence and the spirit of enquiry. AKSU also offers opportunities for Learning and Leadership, Service and Self-actualization to all mankind, towards a Peaceful, Humane, Prosperous and just Society.

Wednesday, August 31, 2016

Cost of cement in Nigeria doubles ...now N2,900



If you had plans to embark on some major housing or building project this week, well we suggest that you may have to think again. This is because the price of cement yesterday Tuesday, rose by N1,300 in Lagos and other parts of the country. Before the hike, a bag of cement costs about N1, 600 marking over 35 per cent rise in the cost of the raw material used in the building and construction industry.

Reacting to the development, 2nd Vice President Vice President, Nigeria Institute of Building (NIOB), Mr. Kunle Awobodu said the increase may have been as a result of cost of production and the devaluation of the naira. He lamented that with the hike,  the cost of construction will increase while the need for cost variation in all ongoing contracts and abandonment of projects may become inevitable, adding that  it may also discourage  people from embarking on new projects.

He said: “Clients, contractors and quantity surveyors may have disagreements due to price variations. New price on old contracts in a competitive bidding may eventually lead to sub-standardisation in construction.” 

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