Block Moulders Urge Federal Government To Establish Cement Price Regulation Board

Block Moulders Urge Federal Government To Establish Cement Price Regulation Board

In a bid to combat the relentless surge in cement prices across Nigeria, the National Association of Block Moulders of Nigeria (NABMON) has called on the Federal Government to swiftly establish a dedicated Commodity Price Regulation Board…..READ ALSO Federal Government Eyes National Commodity Board To Address Food Security Challenges

The President of NABMON, Mr. Adesegun Banjoko, emphasized the urgent need for such a regulatory body to oversee and standardize cement pricing nationwide. Speaking passionately in Lagos, Banjoko highlighted the detrimental impact of soaring construction material costs on housing projects and infrastructure development.

The call comes in the wake of Vice President Kashim Shettima’s recent announcement regarding the government’s plan to introduce a commodity board aimed at regulating prices of essential goods, including grains.

Furthermore, a Federal High Court ruling on February 7 underscored the urgency for governmental intervention in setting price controls for goods and petroleum products within a stipulated timeframe.

Expressing concern over the sharp increase in cement prices, Banjoko warned of potential consequences, including building collapses and compromised construction quality due to cost-cutting measures.

He urged the government to foster healthy competition in the cement industry by promoting local production and responsible importation, thereby increasing supply and driving prices down.

Banjoko also stressed the need for proactive measures to manage foreign exchange volatility, suggesting that strategic monetary policies and diversification of export revenue sources could help mitigate the impact of fluctuating exchange rates.

With reports indicating cement prices ranging from N7,500 to N11,000 per bag in different regions, Banjoko urged decisive action from the government to alleviate the financial burden on ordinary citizens and safeguard the integrity of construction projects nationwide.