Africa Business News

Nigerian Government says cement manufacturers are not doing enough to stem the rising cost of cement in the country, stating that it will not accept a situation where the price of essential building materials like cement continues to rise uncontrollably. The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa expressed displeasure over the steady, recurring, and alarming increase in the prices of cement and other building materials and accused the manufacturers of hiding behind unstable FOREX to inflict hardship on Nigerians. He described the situation as unacceptable and inimical to the country’s growth, saying that the government cannot accept such illicit price hikes. Dangiwa noted that the incessant hike had overtaken the country in the past few months, causing a 100 per cent rise in price from N5,500 to N10,000.