Wamakko Appeals For Reduction In Prices Of c As Naira Gains

The National Association of Block Moulders of Nigeria (NABMON) has urged the federal government to reduce import duties on cement manufacturing components to attract more foreign investment.

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The national president of NABMON, Adesegun Banjoko, made the call in a statement on Monday in Lagos.

He said the price of one bag of cement in Nigeria, currently between N7,000 and N8,000, was still considered too expensive.

In February, the federal government and cement manufacturers in Abuja agreed on a N7,000 to N8,000 price range for one bag of 50 kg of cement.

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However, cement manufacturers said the price reduction was not guaranteed, indicating that its sustainability depended on the government following through on its promises to address certain industry challenges.

In the statement, Mr Banjoko said the government’s threat to open the borders to increase supply had also not brought down the prices.

“Please also reduce import duties on imported components for manufacturing cement and also invite more global investors into the sector so that the market can determine fair prices”, he said.

The NABMON president advised the government to discourage cement smuggling to neighbouring countries.

Mr Banjoko said Nigeria had a larger population and presumably a higher demand for cement, yet it lags behind South Africa in production facilities.

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He suggested that more cement factories should be built to meet the country’s domestic needs and become a potential exporter.

“South Africa, with a population of 60 million, has 15 cement factories, and Nigeria, with a population three times larger, has only three cement factories; then there is still much work to be done,” he said.

Mr Banjoko expressed optimism that ongoing research efforts would find alternative materials for cement production in Nigeria.


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