Remove hindrances to cement manufacturing in Nigeria, Ex-CBN Director urges FG

Dr Titus Okunrounmu, a Director, Budgeting Department, Central Bank of Nigeria (CBN), appeal to the Federal to remove any obstacles that may be hampering cement manufacturing in the country.

Okunrounmu made the appeal in an interview with the News Agency of Nigeria () on Monday in Ota, Ogun.

He said that this had necessary so as to bring down the price of cement and break the monopolistic power of some manufacturers.

reports that the price of cement had jumped from 2,500 per bag in October 2020 to 3,500 per bag in March 2021.

Okunrounmu said that the federal needed to find out why some of the cement companies hitherto operating in the country had gone out of operations.

“The federal needs to investigate the allegation against a cement manufacturing company that it was selling its products at lesser amount in other African countries than in Nigeria.

“In , government needs to find out why many cement companies across the country have shut down their plants,” Okunrounmu said.

According to him, wherever monopoly exists, it always in products selling at high prices.

The CBN chief stressed the need for the federal government to break the perceived monopoly in the cement so as to bring down the price of the product.

He also for the removal of any obstacle working against direct foreign investment (DFI) in Nigeria.

“Let the foreign investors come and operate, and when they make profits, government can then tax them,” the banker said.

Okunrounmu urged the government to create conducive environment for industries to thrive by making good policies and providing stable electricity and good network, among other necessary infrastructure. ()