Cement price to hit N9,000 - Manufacturers

The Cement Producers Association of Nigeria has issued a warning that the federal government's plan to introduce concrete roads could significantly increase the price of cement in the country. According to the association, the price of cement may rise from the current N5,000 per bag to as much as N9,000 per bag.

In a joint statement by the National Chairman, Prince David Iweta, and National Secretary Chief Reagan Ufomba, the association called on the government to address the ongoing issue of cement price hikes. They emphasized that Nigerians should not be paying more than N5,600 per bag for cement.

While acknowledging the Minister of Works' support for cement-made roads, the association raised concerns about the supply end of cement. They urged the government to focus on road designs that allow both cement technology and asphalt pavement to coexist, ensuring a smooth transition for contractors to invest in the necessary equipment and retooling.

The association also called on the government to conclude the backward integration policy initiated during the late Yar’adua administration, which aimed to enhance the availability and affordability of cement in Nigeria. They emphasized the importance of expanding participation in the cement sector and harmonizing fiscal and monetary policies.

In conclusion, the Cement Producers Association urged the government to intervene in the foreign exchange market, restructure bad loans of manufacturers, and review palliative modules to revive manufacturing concerns in the country. They emphasized the need for decisive economic policies to benefit the Nigerian people.