Cement May Sell Less than N7000 if Government Reduces Import Duties- NABMON

Following the last meet with the Federal Government and Cement manufacturers in February, It was agreed that a 50kg bag of cement will be sold at N7000 and N8000,

The National Association of Block Moulders of Nigeria (NABMON) has urged Federal to lower import duties on cement productions materials and invite more global investors so cement to further reduce cement price

The National President of NABMON , Mr. Adesegun Banjoko confirmed this in a statement in Lagos on Monday

“Recently, the issue of our key raw material, cement, attracted front burner attention nationwide, and the dust is yet to finally settle as far as we are concerned because the N7000 to N8000 offer is still on the high side.

“The government has threatened to open the borders to increase supply.

“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.

He further said the Government threat to open the border may also risk the smuggling of cement to neighboring Countries and this didn’t bring down cement prices and there’s a need for the Government to build more cement industries like South Africa

“South Africa, with a population of 60million, 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.

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