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Manufacturers anticipate that the price of cement may surge to N9,000 due to the construction of concrete roads.

  • Post category:Business

The Cement Producers Association of Nigeria has expressed concern that the government’s plan to introduce concrete roads could lead to a rise in the price of cement to N9,000 per bag, up from the current price of N5,000. They have called on the government to address the issue of cement price hikes by increasing participation in the cement industry and ensuring that Nigerians do not have to pay more than N5,600 per bag. Additionally, they recommend a focus on road design that allows both cement technology and asphalt pavement to be used concurrently, providing time for a smooth transition and investment in the necessary equipment and retooling by contractors. The association also urged the government to finalize the backward integration policy initiated during the late Yar’adua administration to improve the availability and affordability of cement in the country.

“We urge the Tinubu government to address the persistent issue of cement price hikes by increasing participation in the sector, welcoming companies with verifiable evidence of local investment, including greenfield licenses and quarrying. Specifically, we call for the conclusion of the backward integration policy initiated during the late Yar’adua administration, which was already yielding positive results in terms of availability and affordability of cement.

“As responsible citizens, we believe that the government should reintroduce and finalize backward integration policies. It’s essential for the government to maintain consistency, as it can’t simultaneously deregulate issues like petroleum products and foreign exchange while regulating the pricing of cement and essential goods and services. Policy harmonization and alignment between fiscal and monetary policies are necessary.

“Lastly, we call on the government to take swift action in the foreign exchange market, address the restructuring of bad loans for manufacturers, and review existing palliative measures. Reviving all manufacturing concerns is crucial to reducing the demand for elusive Foreign Direct Investment (FDI). The government must make clear and decisive choices regarding its economic policies,” the statement concluded.

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