Reps’ remark on cement price may pitch public against manufacturers, CPPE warns

Center for the Promotion of Private Enterprise has condemned the House of Representatives’ remark on cement price, which described manufacturing as exploitative and engaging in arbitrary fixing of prices.Center for the Promotion of Private Enterprise has condemned the House of Representatives’ remark on cement price, which described manufacturing as exploitative and engaging in arbitrary fixing of prices.

The Chief Executive Officer of CPPE, Dr. Muda Yusuf, pleaded with the leadership of the House to ensure moderation in the use of language to avoid adverse consequences to investors in the economy going forward. The CPPE boss said that what is more troubling was that the House did not listen to the manufacturers before rushing to judgment and castigating them.

According to the CPPE boss, cement production is highly energy intensive, with gas being the major energy source. Yusuf noted that gas is priced in dollars for domestic manufacturers in the country, while they sell their products in naira. The CPPE boss also emphasised on the headline inflation for February , noting that all these variables are not within the control of the manufacturers. So, these have a profound impact on production and operating cost.

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