By Milcah Tanimu
The National Association of Block Moulders of Nigeria is urging the Federal Government to take swift action in establishing a Commodity Price Regulation Board, specifically tasked with overseeing the pricing of cement across the nation.
Mr. Adesegun Banjoko, the National President of NABMON, emphasized the urgency of setting up such a board and ensuring its effective implementation to curb the continuous surge in cement prices nationwide. He made this plea during a gathering in Lagos on Thursday.
The call for the establishment of this regulatory body comes on the heels of recent announcements by Vice President Kashim Shettima regarding the government’s intention to create a commodity board aimed at regulating prices of various essential goods, including grains.
Moreover, a recent ruling by a Federal High Court in Lagos directed the Federal Government to fix prices of goods and petroleum products within a seven-day period, underlining the urgency of the situation.
Banjoko highlighted the detrimental effects of the escalating cost of building materials, particularly cement, which is a crucial component in construction projects. He expressed concerns about the potential consequences, such as increased incidents of building collapses.
In addition to price regulation, Banjoko emphasized the importance of fostering competition in the cement market by promoting both local production and responsible importation to enhance supply and drive prices down.
He cited reports indicating that cement prices range from N7,500 to N11,000 per bag, with some areas like Ondo State experiencing the higher end of this spectrum.
Banjoko urged the government to confront challenges posed by factors like foreign exchange volatility, recommending proactive measures such as effective monetary policies and diversification of export revenue sources to mitigate the impact of fluctuating exchange rates.
He cautioned against delaying action, as it could exacerbate the situation and complicate future solutions, potentially increasing costs for consumers and hindering economic stability.