In a bid to boost investment in the cement manufacturing sector, the National Association of Block moulders of Nigeria (NABMON) has called on the Federal Government to reduce import duties on cement manufacturing components.
According to Mr. Adesegun Banjoko, the National President of NABMON, attracting foreign investment in the sector is crucial for its growth and development. In a statement issued on Monday in Lagos, Banjoko emphasized the need for the government to lower import duties on components used in cement manufacturing.
Banjoko pointed out that high import duties on these components have been a major hindrance to foreign investment in the sector. He further added that reducing these duties will make it more attractive for foreign investors to venture into the Nigerian cement market, thereby increasing competition and leading to lower cement prices for consumers.
The call from NABMON comes at a time when Nigeria is experiencing a high demand for cement due to the ongoing infrastructural development across the country. With the government aiming to improve infrastructure and boost employment, the cement industry plays a crucial role in achieving these goals.
In recent years, the cement industry in Nigeria has witnessed significant growth, with several major players expanding their operations and investing in new technology. However, the industry still faces challenges, including high production costs and fluctuating cement prices.
Lowering import duties on cement manufacturing components would not only attract foreign investment but also pave the way for improved technology adoption in the industry. This, in turn, would enhance the production capacity of local cement manufacturers and lead to increased competition, resulting in more affordable cement prices.
The NABMON is hopeful that the Federal Government will consider their plea and take necessary action to reduce import duties on cement manufacturing components. Such a move would not only benefit the block moulders but also have a positive impact on the overall economy by creating employment opportunities and reducing construction costs.
As the government continues to focus on infrastructure development, it is essential to ensure that the cement industry receives the necessary support and incentives to thrive. By addressing the concerns raised by NABMON and other stakeholders, the government can help pave the way for a stronger and more competitive cement sector in Nigeria.
