NABMON disputes agreement on cement price limit

According to Adesegun Banjoko, the National President of NABMON, the agreed price range of ₦7,000 to ₦8,000 for a 50kg bag of cement is unjustified given the abundant availability of limestone, a key raw material in cement production, within Nigeria.

Banjoko expressed concerns over the potential consequences of high cement prices, including compromising building standards and increasing the risk of structural failures. He argued that both the government and cement manufacturers should strive to offer lower prices to consumers.

To achieve this, Banjoko proposed reducing or eliminating customs duties on imported materials used in cement production, suggesting that such measures would incentivise manufacturers to lower prices.

Furthermore, Banjoko recommended the temporary suspension of road construction projects that heavily rely on cement.

This, he believes, would alleviate demand pressure on cement, potentially leading to a decrease in prices.

He cautioned that the current high price of cement exacerbates existing tensions in the country and urged the government to handle essential commodities like cement with careful consideration due to their significant impact on public welfare.