By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: FG Blames Covid, #EndSARS Protest For Disruption In Cement Production, Price Increase
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > FG Blames Covid, #EndSARS Protest For Disruption In Cement Production, Price Increase
News

FG Blames Covid, #EndSARS Protest For Disruption In Cement Production, Price Increase

Fesadeb
Last updated: 2021/01/21 at 7:23 AM
Fesadeb Published January 21, 2021
Share
SHARE

The Federal Government on Wednesday blamed the price hike in the price of cement on the reduction in production volumes in the second and third quarters of 2020 caused by the COVID-19 Pandemic, End-SARs protests which disrupted production in the manufacturing plants.

The government said the development affected the volume of stock levels in the supply chain due to reduction of cash flow of major distributors and high cost of transportation.

The Permanent Secretary in the Ministry of Industry, Trade and Investment, Nasir Sani-Gwarzo gave this information in a statement on Wednesday in Abuja.

Recall, Vice President Yemi Osinbajo had last December met with Cement manufactures in Dei-Dei an outskirt of Nigeria’s capital Territory to discuss solution to price increase ,confirming a discount price has been agreed between the cement manufacturers and the federal government.

But speaking on the development, Sani-Gwarzo cautioned the general public against panic purchase of cement due to the recent price increase of products in some parts of the country.

He said the Ministry has been working assiduously to engage all the relevant stakeholders in the cement manufacturing sector to address the lingering situation.

The Permanent Secretary further noted that there has been a massive build-up of demand from public works contractors as they are in a hurry to meet milestones and deadlines on projects across the country.

To address the situation, he said the Minister of Industry, Trade and Investment, Adeniyi Adebayo, would be engaging with relevant stakeholders in the cement industry with a view to meeting the increased demand of the commodity.

He added, “We urge the public not to embark on panic buying and storage of the product as the current market price is temporary.”

He assured the general public that government will continue to be on the alert to its responsibility of ensuring goods and services are available at reasonable prices.

He stated that the ministry will continue to monitor the situation while encouraging them to support market intelligence efforts by making relevant information available on the product.

Source: Businessday

You Might Also Like

Presidency Debunks Reports Linking Shettima’s Remarks to Rivers Crisis

Kemi Adeosun Launches N70m Halfway Home to Empower Nigeria’s Forgotten Youths

Tinubu to Inaugurate Nigeria’s First National Steel Summit in Abuja

Nigeria Unveils Education Reform Plan to Tackle Falling Standards

Senator Akintunde Advocates Full Privatisation of Power Sector, Calls for Subsidy Reintroduction

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

Fesadeb January 21, 2021 January 21, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?