The National Association of Block Moulders of Nigeria 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, Adesegun Banjoko who made the call in Lagos on Thursday 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 noted that the swift establishment of the board will also prevent unfair practices and make it easier for many Nigerians to own their own homes, while he also urged the government to increase competition by encouraging both local production and responsible importation to lower prices through higher supply.
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/ distress.”
Recall that Vice President, Kashim Shettima at a two-day high-level strategic meeting on climate change, food systems, and resource mobilization in Abuja, had announced the Federal Government’s plan to set up a commodity board to regulate the prices of grains and other items in the country.
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