Developers in the building industry have rejected the agreement reached between the Federal Government and cement manufacturers.
At the meeting, it was resolved that prices of cement will be reduced to between N7,000 and N8,000.
In an interview with newsmen the President of the Real Estate Developers Association of Nigeria, Dr. Aliyu Wamakko, said the reduction was not good for the economy as cement constitutes the primary product for any building construction to be done.
According to him, most of the components of cement are sourced locally.
He explained that anything above N5,000 is not beneficial for the economy and it would not bring any positive impact towards the reduction in the 28 million housing deficit.
In a similar vein, the Executive Secretary, Association of Housing Corporation in Nigeria, Toye Eniola, condemned the negotiation.
Eniola said it was high time the country began to embrace local building materials as opposed to imported ones dictated by forex.