A 23 percent surge in cement prices this week has left both private developers and prospective homeowners revising estimates and unable to complete properties, compounding an already severe national housing crisis.
For Jude Njoku, the sudden shift has put his homeownership plans on hold. After purchasing an incomplete three-bedroom bungalow along the Lagos-Badagry Expressway, Njoku fast-tracked redevelopment work to meet an impending quit notice from his landlord.
However, with cement prices jumping to N16,000 from N13,000 per 50kg, his budget has been completely disrupted. At N16,000 per bag, a N100,000 budget purchases only six bags of cement, creating a dilemma for him, who is forced to choose between halting work or taking on unsustainable debt.
“The speed of work you see here is because I want to finish the house and pack in. My landlord gave me a quit notice that will expire by the end of next month. Now, I am in a dilemma as I can’t stop work and can’t continue either,” Njoku told this reporter Tuesday evening.
Njoku recalled that he bought some bags of cement on Friday at N13,000 per bag. “I went back to buy more on Monday and was told that the price had gone up to N16,000 per bag. How can I continue this work at that price?” he asked rhetorically.
