Anthony Areh
Dr Titus Okunrounmu, a former Director, Budgeting Department of the Central Bank of Nigeria (CBN), has called on the Federal Government to remove obstacles hampering new cement manufacturers to thrive.
Okunrounmu made the appeal in Ota, Ogun state and stated that the step became necessary so as to bring down the increases in prices of cement as well as stop the monopoly of manufacturers.
He said the federal government needed to find out why some of the cement companies operating in Nigeria had gone out of operations.
“The federal government needs to investigate the allegations against Dangote Cement Company that they sold their products lesser in other African countries than Nigeria.
“In addition, they need to find out why many cement companies like Ashaka Cement, Benue Cement Company and Cement Company of Northern Nigeria, shut down their plants in the country”, Okunrounmu said.
Okunrounmu stressed the need for the federal government to break any power of monopoly in the cement industry so as to bring down the price of cement.
The former CBN director called on the federal government to remove any obstacle hindering the thriving of Direct Foreign Investment (DFI) in Nigeria.
“Let them come and operate, and when the companies made profits, the federal government can tax them”, he said.
Okunrounmu also urged the federal government to create conducive environment for industries to thrive by making good policies and provision of stable electricity and good road network among others.
The price of cement jumped from N2,500 per bag in October 2020 to N3,500 per bag in March,2021.
