Prices of cement have gone out of hand, a Sokoto industrialist has alerted the federal government.
Nigeria currently produces 28.5 million metric tonnes of cement annually and is a net exporter of the product.
However, this has not translated to lower prices, contrary to economic principles.
Isa Musa, an industrialist in Gwadabawa local government area of Sokoto State, told NAN that the federal government must “urgently address” the rising cost of cement.
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He said on Friday that the product was now selling for N2,200 per bag as against the between N1, 600 and N1,700 it was sold for two months ago.
According to him, the high cost of cement is not good for the nation’s economy.
The industrialist said most of the raw materials used in the production of cement were locally sourced hence the need for the federal government to ensure reduction its price.
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He said that the government’s plan to provide house for all would not be a reality if the price of cement continued to soar.
Musa urged the government to regulate the price as well as that of other building materials to enable Nigerians own houses.
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1 comments
It is time for govt to regulate, not leaving pricing to market forces completely. Govt should have a commodity pricing regulatory agency to review the constraints that cement producers may be having that prompted the high price. Are they setting prices arbitrarily to make abnormal gains and rip off the vulnerable public, knowing that cement is an essential commodity? Or are the prices a true reflection of their production costs? If the latter scenario were true, govt might subsidize their inputs in cash or kind to bring down costs. But if it is the former, then sanctions may be expedient to curtail their excesses and prevent them sabotaging our economy. This is how to manage a deregulated economy without it becoming an albatross on its people