Finally! “Cement Prices Set to Soar to $12 Amidst Concerns Over Concrete Road Initiatives, Manufacturers Urge FG Action”

Nigerian cement manufacturers are sounding the alarm, predicting that cement prices will surge from ₦5000 to ₦9000 due to the Federal Government’s ambitious plan to introduce concrete roads. The industry association also points to the urgent need for addressing monopolistic practices within the sector to alleviate this price hike…..CONTINUE READING HERE

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In a joint statement released on Sunday, September 24, 2023, the Association, represented by its National Chairman, Prince David Iweta, and National Secretary, Chief Reagan Ufomba, commended Minister of Works, David Umahi, for championing cement-based road construction. However, they expressed serious concerns regarding the supply side of this equation, warning that failure to address it adequately could dash hopes of a price reduction for Nigerians.

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Offering potential solutions, cement producers urged the government to promote road designs that seamlessly accommodate both cement technology and asphalt pavement. Their statement emphasized, “Our investigations across the country reveal that cement prices can soar as high as N6000 per bag during the rainy season, with a forecasted increase to over N9,000 per bag in the dry season, especially in light of the Minister of Works’ endorsement of cement technology and the President’s directive on housing. Proactive steps must be taken.”

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The manufacturers stressed that intervention is crucial, asserting that neglecting the issue would lead to exacerbating challenges for Nigerians, including higher costs, housing insecurity, supply-demand imbalances, infrastructure deficiencies, and unprecedented price hikes.

Additionally, the association called for the government to conclude the backward integration policy initiated during the Yar’adua administration, stating that true cement availability and affordability can only be achieved by dismantling monopolistic structures and favoritism within the industry. They implored President Bola Tinubu’s administration to expand sector participation, particularly by companies with verifiable evidence of local investments, including greenfield licenses and quarrying operations…..CONTINUE READING HERE

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