By Dawud Ahmed in Lokoja.
Photo credit:Jiji.
The construction industry in kogi state has started recovering from the slump it witnessed about two months ago due to the abysmal fall in value of naira to dollar,resulting in all time hike in the price of cement and other building materials.
Our correspondent reports on Monday that the development led to the decline in building houses and increased unemployment of skilled and unskilled mason workers in the state.
However, with appreciation of naira to dollar in recent time.and price of cement coming down,many building contractors, bricklayers and labourers in building of houses , particularly in Lokoja, the state capital have started returning to site.
Price of cement hit the roof to a ridiculous level when a bag of the commodity sold for as high as N15,000 in Lokoja about two months ago.
But as at April 8, 2024, The Reporters’ market survey revealed that the price of the same quantity and quality of cement has come down to N7,500.
The cement,the largest quantity in Nigeria of which is being manufactured in Obajana, near Lokoja,kogi state became a golden commodity when naira rose to N1,800 per dollar about two months ago.
This worrisome development, coupled with the hike in price of fuel, triggered prices of virtually all commodities in the country, including building materials.
Feelers from dealers in building materials revealed that if the current appreciation of naira against dollar is sustained and enhanced by the relevant authorities charged with the responsibility of managing Nigerian economy, prices of building materials will further come down.
Reno Omokri, a social media influencer and critic,on his Instagram page,expressed delight over naira appreciating vis a vis dollar.
He said:”For the seventh straight day, the Naira has continued to appreciate over the Dollar. This is unprecedented.
“This trend is possible partly because you and I continue to #GrowNairaBuyNaija.”
“Every day so far in April 2024, the Naira has outperformed expectations and is now trading at ₦1,244 to $1.
“Even this 1925 Rolls Royce Silver Ghost Barrelled Tourer is going and will be replaced by a made-in-Nigeria product.”
Analysts in construction sector of the economy also sign relief over the positive development.
They argued that it would go along way in reducing unemployment and crime adding that skilled and unskilled labour force would be engaged in legitimate and productive work and check them from indulging in crime and criminality.
Speaking with our correspondent at the popular Ganaja junction flyover in Lokoja, where this category of Nigerian labourers normally cluster to look for daily paid job,those who spoke with our correspondent, commended the Tinubu-led government for swinging into action to check the problem associated with naíra -dollar exchange.
Zakariya Ismaila, Abdulmumuni Isah( bricklayers), Mohammed Abdullahi,Karim Ahmadu(labourers), told our correspondent that they resumed work at their sites as soon as the price of cement came down.
“When the price of cement went up, I was jobless for almost three weeks, because many people building houses suspended their construction work due to hike in the price of cement.
“Now that the price of cement has come down, they call us back again to the site to work and this enables us to work and earn money to take care of ourselves, our families and meet other financial commitments.
“I pray that price will further come down so that more of my colleagues can return to their sites as well”, Ismaila, a father of four told The Reporters.
An economic analyst, Michael Alabi,in an interview with our correspondent,described the appreciation of naira to dollar as a testament to the fact that the Tinubu government is ready to put the economy of the country on sound footing.
He said:”Experience has shown that the clarion call by the present administration in the country, for Nigerians, particularly the rich, to shift their taste from foreign products and services to local ones is working.
“Our currency continues to fall in exchange to dollar because we are largely a consuming nation and we love consumption of foreign goods to the detriment of our own products and this slows the growth and development of our economy.
“It high time we started directing our energy towards making conscious efforts to be a producing nation, to give the much needed strength to our currency against dollar or any other foreign currency.
“This is what other countries with strong value in currency do and their economies are getting stronger daily against our own currency and their economies remain vibrant and healthy.”
