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CBN urges Dangote, BUA Group, and others to reduce the price of cement, and other products

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Dangote cement

  The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has called on manufacturers in the construction industry to lower the prices of building materials for the benefit of the Nigerian masses. 

 Mr Emefiele made the request in a statement on Thursday in Sokoto, during the opening of a three million cement factory by BUA Group.

 The CBN governor urged cement manufacturers to pay close attention to meeting the needs of the home. "Allow me to take this opportunity to urge our manufacturers in the construction industry to take urgent action to reduce the prices of building materials in Nigeria," said Mr Emefiele. 

"Indeed, there have recently been calls from construction companies, urging cement and metal manufacturers to do something about the rising cost of these two important building materials."

 According to him, the sector is one of the largest sectors in the economy that helps create jobs and boost our country's growth. 

 "We know that some of our cement manufacturers produce in the domestic and foreign markets, but we urge them to pay more attention to meeting domestic needs in order to lower prices," said the CBN manager. 

 Mr Emefiele reassured the apex bank producers that they were always providing the necessary support to develop their capacity. He added that CBN had not given anyone foreign currency to buy cement for the past seven years. "CBN wishes to reaffirm its commitment to provide the necessary support in the marketing of metals, plants and equipment needed to increase production capacity in the cement industry in the country," explained Mr Emefiele. 

"The decision to restrict access to foreign exchange for the sale of 43 non-productive products in Nigeria, has helped increase the country's cement production capacity from 30 million tons by 2014 to 60 million MT by 2021."

Credit: Nigeria News Agency (NAN)

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