FG Faces Pressure From Block Moulders To Create Board For Cement Price Control

FG Faces Pressure From Block Moulders To Create Board For Cement Price Control....KINDLY READ THE FULL STORY HERE▶

The National Association of Block Moulders of Nigeria has urged the Federal Government to promptly establish a Commodity Price Regulation Board tasked with overseeing cement pricing nationwide. Mr. Adesegun Banjoko, the National President of NABMON, emphasized the need for swift implementation of the board’s recommendations to address the continuous surge in cement prices across the country. Speaking in Lagos on Thursday, Banjoko expressed concern over the escalating costs of building materials in Nigeria, particularly the daily increase in cement prices, a critical component in construction………CONTINUE READING

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The call for a Commodity Price Regulation Board aligns with the recent announcement by Vice President Kashim Shettima during a high-level strategic meeting on climate change, food systems, and resource mobilization in Abuja. The Federal Government plans to establish a commodity board to regulate prices of various items, including grains. Additionally, a Federal High Court in Lagos had earlier mandated the government to fix prices of goods and petroleum products within seven days.

Banjoko emphasized that the prompt creation of the board would not only curb unfair practices but also facilitate homeownership for many Nigerians. He expressed concerns about the potential consequences of rising building material costs, including an increased risk of building collapses and distress, leading to loss of lives and property.

Citing reports, Banjoko highlighted the current price range of cement between N7,500 and N11,000 per bag, with confirmation of N11,000 in Ondo State. He called on the government to combat elements working against the nation’s well-being and address challenges that make life difficult for the common man.

In addition, the NABMON president urged the government to enhance competition by promoting both local production and responsible importation to boost supply and lower prices. Banjoko also stressed the importance of managing foreign exchange volatility through effective monetary policies and diversifying export revenue sources to stabilize the impact of the dollar.

He cautioned that delays in addressing these issues could worsen the situation, making future solutions more complex and expensive. Banjoko urged proactive government action to ensure a stable economic environment and alleviate the burden on the common man.

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Source: Bushradiogist