The National Association of Block Moulders of Nigeria (NABMON) is urging the Federal Government to swiftly establish a commodity price regulation board to oversee the pricing of cement across the country. Mr. Adesegun Banjoko, the National President of NABMON, emphasized that the implementation of such a board and its recommendations would effectively address the persistent increase in cement prices nationwide.
The call for a regulatory board aligns with Vice President Kashim Shettima’s recent announcement during a two-day high-level strategic meeting on climate change, food systems, and resource mobilization in Abuja. The Federal Government expressed its intention to set up a commodity board to regulate the prices of grains and other essential items. Additionally, a Federal High Court in Lagos, on February 7, directed the government to fix prices for goods and petroleum products within seven days.
Banjoko highlighted the urgency of establishing the board, stating that it would prevent unfair practices and facilitate affordable homeownership for many Nigerians. He raised concerns about the escalating costs of building materials in Nigeria, particularly the daily rise in cement prices, which could lead to compromised construction practices and, consequently, building collapses.
Addressing the current market scenario, Banjoko revealed that cement prices range from N7,500 to N11,000 per bag, with reports from Ondo State confirming the higher end of the spectrum at N11,000. He urged the government to tackle the challenges posed by external forces, advocating for increased competition through local production and responsible importation to enhance supply and lower prices.
Furthermore, Banjoko called on the government to manage foreign exchange volatility effectively. He emphasized the importance of implementing monetary policies and diversifying export revenue sources to stabilize the impact of the dollar. Warning against delay, Banjoko stressed the need for proactive measures, cautioning that postponing action could exacerbate the situation and complicate future solutions, making them more complex and expensive.
