The National Association of Block Moulders of Nigeria has urged the Federal Government to quickly set up a Commodity Price Regulation Board aimed at regulating the pricing of cement across the country.
This was made known by the National President, NABMON, Mr Adesegun Banjoko, in Lagos on Thursday.
He stated that instituting the board and effectively implementing its recommendations on the prices of cement would end the continued rise in prices nationwide.
Earlier, Vice President Kashim Shettima, at a two-day high-level strategic meeting on climate change, food systems, and resource mobilisation in Abuja, announced the Federal Government’s plan to set up a commodity board to regulate the prices of grains and other items in the country.
A Federal High Court in Lagos on February 7, also noted that the Federal Government should fix the prices of goods and petroleum products within seven days.
Banjoko said the swift establishment of the board will also prevent unfair practices and make it easier for many Nigerians to own their own homes.
“The rate at which the cost of building materials in Nigeria keeps increasing daily leaves much to be desired as our price index.
“In particular, the daily increase in the cost of cement, which is commonly used for various construction works as a main bonding agent to other materials, is of very grave concern.
“One of the inevitable fallouts of this vicious trend will be a fresh wave of building and construction collapses/ distress.
“This will be attributable to the factor of managing materials and cutting corners as a result of high prices, thereby, leading to loss of lives and property.”
The NABMON president also urged the government to increase competition by encouraging both local production and responsible importation to lower prices through higher supply.
“According to reports reaching my table as the national president, cement presently sells for between N7,500 and N11,000 per bag.
“In particular, reports from Ondo State confirm N11,000.
“Our government should braze up against enemies of this nation, making life unbearable for the common man in their various disservice roles.”
Banjoko equally urged the government to address and manage the foreign exchange volatility.
He made it clear that managing foreign exchange volatility through monetary policies and diversifying export revenue sources could help stabilise the impact of the dollar.
He then admonished the government to act proactively, adding that delaying action could exacerbate the situation, making future solutions more complex and expensive.
