Cement Prices News: Price Of Cement Varies Currently From N7,500 To N11,000 Per Bag

Cement Prices News: Price Of Cement Varies Currently From N7,500 To N11,000 Per Bag

Create a board to regulate cement prices, and block molders ask FG

Cement Prices News: The Nigerian National Association of Block Moulders has demanded that the Federal Government establish a commodity price regulation board as soon as possible with the goal of controlling cement prices across the country.

The establishment of the board and the successful application of its recommendations regarding cement prices, according to NABMON National President Mr. Adesegun Banjoko, would address the ongoing increase in prices across the country.

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On Thursday, he made the call from Lagos.

Vice President Kashim Shettima had earlier revealed the Federal Government’s intention to establish a commodity board to control the nation’s prices for grains and other goods during a two-day high-level strategic meeting on resource mobilization, food systems, and climate change in Abuja.

Additionally, on February 7, a Federal High Court in Lagos ordered that the Federal Government set the prices for goods and petroleum products within a week.

Banjoko claims that the quick creation of the board will also stop unfair practices and facilitate property ownership for a large number of Nigerians.

“Our price index leaves much to be desired, given the daily rate at which the cost of building materials in Nigeria continues to rise,” he stated.

Particularly concerning is the daily rise in cement prices, which are frequently utilized in a variety of construction projects as the primary bonding agent for other materials.

A new wave of building and construction collapses and distress is one of the unavoidable consequences of this terrible cycle.

“This can be linked to the aspect of material management and cost-cutting due to elevated costs, ultimately resulting in loss of life and property.”

To reduce costs through increased supply, the NABMON president also asked the government to promote prudent importation as well as domestic production.

As the national president, I have access to reports that state that the price of cement varies currently from N7,500 to N11,000 per bag.

Specifically, reports confirming N11,000 come from Ondo State.

Banjoko further urged the government to deal with and control the volatility of foreign currencies.

He clarified that stabilizing the dollar’s influence may be achieved by diversifying export revenue streams and controlling foreign currency volatility through monetary policy.

Thus, he recommended that the government take proactive measures, emphasizing that waiting to act could worsen the problem and increase the complexity and cost of future remedies.

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