Amidst ongoing economic challenges, Nigerians are hopeful that the recent remarks by billionaire businessman and chairman of the Dangote Group, Aliko Dangote, about the potential decrease in diesel costs could lead to a reduction in the prices of essential commodities, including cement.

Speaking to journalists in Lagos after meeting with President Bola Tinubu at his Ikoyi residence on Wednesday, Dangote projected that the reduction in diesel prices would decrease inflation and, subsequently, the cost of goods.

The price of cement has been a particular point of concern for many Nigerians, especially those planning to build homes this year.

The current high cost of cement has been a significant barrier for prospective homeowners and developers alike.

Real estate experts and potential homebuilders have expressed frustration over the prohibitive costs, which have been exacerbated by monopolistic control over cement production.

During his interaction with the press, Dangote suggested that the anticipated drop in diesel prices could alleviate some of the cost pressures.

As diesel is a major operational cost for cement factories, a decrease in diesel prices could enable manufacturers to reduce the retail price of cement, making it more affordable for consumers.

This statement comes as experts in the real estate sector call on the government to liberalize the cement industry. By allowing more players to enter the market, competition is believed to increase, leading to further reductions in cement prices.

Advocates argue that breaking the monopoly in cement production is essential for making housing more affordable and accessible for a larger segment of the Nigerian population.

In response to these discussions, there are growing calls for President Tinubu to consider policies that would encourage more investment in the cement production sector.

Stakeholders maintain that a more competitive market would not only drive down prices but also spur innovations in building materials that could benefit the entire construction industry.

As Nigerians await the potential economic relief from falling diesel prices, the focus remains on the broader implications for the cost of living, particularly housing and construction costs.

The government’s response to these industry calls and Dangote’s predictions will be closely watched by investors, industry professionals, and everyday citizens hoping for a more affordable future.

©CDA News Media Limited