Producers Explain Reasons Behind The Surge in Cement Prices

In response to the escalating cost of cement, the Cement Producers’ Association of Nigeria (CEPAN) pledges support to the Bola Tinubu administration in curbing the price surge within 30 days.

CEPAN Chairman, Prince David Iweta, revealed to The Tribune on Monday that the current price surge stems from an imbalance between production and demand.

He emphasized that the association has notified the Federal Government about the consequences of entrusting the cement supply for over 200 million people to a limited group with privileges.

Iweta remarked, “The current situation is a result of demand surpassing supply, a scenario anticipated by the association due to the industry’s inability to meet Nigeria’s cement needs.”

He recalled the association’s prior warnings, issued when prices were as low as N3,000, predicting they could reach as high as N9,000 without intervention.

“Our aim was to prompt government action to prevent the situation we find ourselves in today,” he added.