Advertise
Contact Us
About
Sunday, January 29, 2023
No Result
View All Result
News Echo
  • Home
  • Breaking news
    • News
      • Crime
      • Cover
      • City Reports
  • Editorial
  • Politics
  • Business
  • Sports
    • Livescores
  • Entertainment
    • Gist
    • Culture
    • Arts
    • Fashion
    • Relationships
    • Showbiz
    • Travel
  • Vox Pop
  • Columns
    • Opinion
      • Interview
      • Issues
      • Discourse
      • Viewpoint
  • NE Tv
    • Videos
    • Eye witness report
    • Live Streaming
  • e-Edition
  • NewsInsider_Magazine
News Echo
No Result
View All Result
Sunday, January 29, 2023
News Echo
No Result
View All Result
Home News

Builders, contractors groan as cement sells for N5000 in Abia

by News Echo
November 6, 2020
in News
2 min read
0
Builders, contractors groan as cement sells for N5000 in Abia
0
SHARES
82
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The prices of bags of cement have skyrocketed in Abia State, throwing prospective home owners off the balance.
The commodity which sold at N2,700 in the third week of October, jumped up to N5,000 in the last week of October and the price has remained the same till first week of November.

A visit to some markets in Umuahia like; Industrial Market, Ahieke Ndume and other shops on Wednesday, October 4, in Umuahia confirmed that the commodity is now out of reach for interested buyers, most of whom left the cement shops in shock and disappointment.

A bag of Dangote cement sold at N5,000 in most shops while it went for N4,950 if the buyer would buy up to 100 bags or above.
A bag of BUA cement and other brands sold between N4,950 and N4,900.

Explaining the situation, a building materials dealer at Umuahia industrial market, Mr Obioma Okorie blamed the sharp rise in cement price on different factors, such as unfavourable foreign exchange regime, EndSARS crises and the global economic crises occasioned by Covid -19 outbreak.

According to the industrialist, the increase was not a deliberate act by building materials dealers, assuring that the price will go down when stability returns to the cement industry.

He lamented that some trucks conveying bags of cement were attacked in some parts of the country during the EndSARS protests, resulting to losses to investors, transporters and other stakeholders.
Mr Okorie, chief distributor of Dangote cement, further blamed the problem on the fact that many truck owners did not allow their vehicles to ply major roads for the fear of losing them to hoodlums.

He went on to state that there was a drop in the quantity of cement produced during crises period which resulted in temporary scarcity and rise in haulage money, pointing out that dealers recorded low patronage due to the development.

But a building contractor, Mr Wilson Amanze described the development as a big loss to contractors and intending home owners. According to Wilson, a building contract worth N3.5m which he recently secured from his client was in jeopardy as he would have to renegotiate with the owner or risk having his own commission wiped out.

“I will now spend N200,000 on just 40 bags of cement, can you imagine this. I gave a quotation of N2,800 per bag, but with this strange rise in cement price, it will definitely affect many things in housing sector” Wilson said.

News Echo observed that some buyers who came to the industrial market with the old budget of 2,600 went home without buying, preferring to wait for a drop in prices.

News Echo
Website | + posts
  • News Echo
    https://www.newsecho.com.ng/author/jkconceptsproductionsgmail-com/
    I’ll rather choose between Devil, deep-blue-sea than support Obi- Fmr APC Campaign Director, Naja’atu Mohammed
  • News Echo
    https://www.newsecho.com.ng/author/jkconceptsproductionsgmail-com/
    The United States Government, on Wednesday, declared that people involved in undermining the electoral process in Nigeria will be slapped with visa restrictions.
  • News Echo
    https://www.newsecho.com.ng/author/jkconceptsproductionsgmail-com/
    Seyi Tinubu receives chieftaincy title in Anambra State
  • News Echo
    https://www.newsecho.com.ng/author/jkconceptsproductionsgmail-com/
    FG and its National Duct One Policy, Nigeria Data Protection Bill
Previous Post

Fear grips Enugu community as strange disease claims 50 lives

Next Post

ENDSARS: American congressman calls for release of detainees

Next Post
ENDSARS: American congressman calls  for release of detainees

ENDSARS: American congressman calls for release of detainees

Recommended

Anambra 2021: live updates…

Anambra 2021: live updates…

1 year ago
PDP BoT Chair Jibrin Resigns, Wabara Takes Over

PDP BoT Chair Jibrin Resigns, Wabara Takes Over

5 months ago
2023: Onyeagucha, Elezieanya, Ejiogu pledge purposeful representation

2023: Onyeagucha, Elezieanya, Ejiogu pledge purposeful representation

January 27, 2023
I’ll rather choose between Devil, deep-blue-sea than support Obi- Fmr APC Campaign Director, Naja’atu Mohammed

I’ll rather choose between Devil, deep-blue-sea than support Obi- Fmr APC Campaign Director, Naja’atu Mohammed

January 27, 2023
The United States Government, on Wednesday, declared that people involved in undermining the electoral process in Nigeria will be slapped with visa restrictions.

The United States Government, on Wednesday, declared that people involved in undermining the electoral process in Nigeria will be slapped with visa restrictions.

January 27, 2023

….Strong voice echoes the truth

0812 435 0783

0703 343 1174

0813 791 4644

news@newsecho.com.ng

Office Address: Echo Zone, 138 Wetheral Road Owerri Imo State

Category

Search

No Result
View All Result
  • About Us
  • Advertise
  • Contact
  • Our Team

The News Insider Magazine

© 2021 News Echo. Published by Deking Holistic Communications Network Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • Breaking news
  • News
  • Editorial
  • Politics
  • Business
  • Vox Pop
    • NE Forum
  • Livescores
  • Sports
  • Entertainment
    • Culture
  • Health
  • Columns
  • Opinion
  • NE Tv
    • Videos
    • Live Streaming
    • Eye witness report
  • City Reports
  • e-Edition

© 2021 News Echo. Published by Deking Holistic Communications Network Limited. All Rights Reserved.