The National Association of Block Moulders of Nigeria (NABMON) has called on the Federal Government to promptly institute a Commodity Price Regulation Board aimed at overseeing the pricing of cement nationwide.
The National President, NABMON, Mr Adesegun Banjoko, said that setting up the board and effectively implementing its recommendations on the prices of cement would address the continued rise in prices nationwide.
He made the call in Lagos on Thursday.
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.
Also, a Federal High Court in Lagos on February 7 said the Federal Government should fix the prices of goods and petroleum products within seven days.
According to Banjoko, the swift establishment of the board will also prevent unfair practices and make it easier for many Nigerians to own their own homes.
He said, “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 and 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 also called on the government to address and manage the foreign exchange volatility.
He explained that managing foreign exchange volatility through monetary policies and diversifying export revenue sources could help stabilize the impact of the dollar.
He, therefore, advised the government to act proactively, stressing that delaying action could exacerbate the situation, making future solutions more complex and expensive.
