Kene Nzekwe, President of the Nigerian Institute of Quantity Surveyors (NIQS), has voiced support for the federal government’s warning to cement manufacturers to reduce prices or face the possibility of opening borders for cement importation.
He criticized the substantial price surge by cement manufacturers, citing a staggering increase of 100% to 150% within just six weeks.
Nzekwe urged Minister of Housing and Urban Development, Arc Ahmed Dangiwa, to move beyond mere threats and take concrete steps towards opening borders for importation if manufacturers fail to comply.
Speaking at a press conference in Abuja addressing the impact of hyperinflation on the Nigerian construction industry, Nzekwe highlighted the drastic effects of skyrocketing prices on construction projects, leading to stalled progress and financial strain on contractors. He emphasized the broader ramifications, including hindrance to crucial infrastructure development and reluctance among private sector investors.
In tackling exchange rate stability, Nzekwe advocated for a comprehensive approach, combining monetary and exchange rate policies to enhance currency competitiveness globally. He emphasized the need for sustained efforts in eliminating unscrupulous practices in the Bureau de Change sector to ensure transparent forex transactions.
However, Nzekwe cautioned against hasty measures, suggesting continued engagement with local manufacturers to understand and address underlying challenges such as exchange rate volatility and import tariff indexing. He stressed the importance of a strategic and collaborative approach to mitigate the adverse impacts of the current economic situation on the construction industry.