Business

FG threatens to open border for cement importation

Published

1 year ago

February 20, 2024

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The federal government has threatened to possibly open the borders to cement importation if Nigerian cement manufacturers refuse to reduce the price of the commodity in the country.

Minister of Housing and Urban Development, Arc Ahmed Dangiwa, who made the declaration said key input materials for cement production such as limestone, clay, silica sand, and gypsum sourced within our borders, should not be dollar-rated.

Dangiwa made this known on Tuesday, February 20, in Abuja at an emergency meeting held with cement and building materials manufacturers. He said the price of gas that manufacturers are using as an excuse should not be because gas is a raw material found within the country and the excuse of an increase in mining equipment should not come up because equipment bought by these manufacturers has been used for decades and not just purchased every day.

The minister said the border was closed to the importation of cement to help local manufacturers but if the government decides to open it back for mass importation, prices of cement would crash and local manufacturers would be gravely affected.

Dangiwa who called on the manufacturers to be more patriotic said BUA cement for instance has been willing and is still willing as at the last time he spoke with them to crash the price of their cement, lower than the N7000, N8000 agreed by the manufacturers and he sees no reason why the others should not do same.

The minister in response to the manufacturers said: “The challenges you speak of, many countries are facing the same challenges and some even worse than that but as patriotic citizens, we have to rally around whenever there is a crisis to change the situation.

“The gas price you spoke of, we know that we produce gas in the country the only thing you can say is that maybe it is not enough. Even if you say about 50 percent of your production cost is spent on gas prices, we still produce gas in Nigeria it’s just that some of the manufacturers take advantage of the situation. As for the mining equipment that you mentioned, you buy equipment and it takes years and you are still using it.

“The time you bought it maybe it was at a lower price but because now the dollar is high you are using it as an excuse. Honestly, we have to sit down and look at this critically. The demand and supply should be good for you because the government stopped the importation of cement, they stopped the importation in order to empower you to produce more.

“Otherwise if the government opens the border for mass importation of cement, the price would crash but you would have no business to do and at the same time the employment generation would go down. So these are the kinds of things you have to look at, the efforts of government in ensuring things go well.”

The minister also put the blame on the Cement Manufactures of Nigeria for not regulating the price of cement in the country because earlier, the Executive Secretary of the Association, Salako James had informed the minister that the association does not discuss or determine the price of individual companies but are only made aware of prices from the market like every Nigerian.

Dangiwa said the ministry would be setting up a committee which would be comprised of representatives of each cement manufacturer in the country, its association, and the government to fashion out modalities to resolve the problem of high price of cement in the country.

Business

Dangote refinery, NNPC: More fuel stations increase pump price in Nigeria

Published

20 hours ago

April 4, 2025

Ekwutos Blog

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The price of Premium Motor Spirit, popularly known as fuel, has recorded a significant increase in the past days, which may worsen the economic hardship Nigerians face.

MRS, a filling station partner of Dangote Refinery, kicked off the latest fuel price increase when it adjusted its petrol pump to between N925 and N950 per litre in Lagos and the Federal Capital Territory, Abuja.

Similarly, other fuel marketers such as Empire Energy, Recoil, Juda Oil, Total, Emedab, and others also increased their fuel pump to between N950 and N970 per litre.

On Wednesday, the Nigerian National Petroleum Company Limited retail outlets also jacked up their fuel price to N950 per litre from N880 in Abuja.

Summarily, Ekwutosblog observed motorists will have to pay N70 more to buy a litre of petrol in the coming days.

The development comes amid the suspension of petrol product sales in Naira by Dangote Refinery. This follows the initiation of the naira-for-crude sale deal between Dangote Refinery and the federal government through NNPCL.

On Wednesday, President Bola Ahmed Tinubu announced a reshuffling of NNPCL.

Meanwhile, local oil prices are increasing in Nigeria, despite the decline in global crude prices. As of the time of this report, United States West Texas Intermediate was at $62.15 per barrel, down from above $65, while Brent crude stood at $65.42 per barrel, down from $72 last week.

Business

Global Billionaires’ Net Worth Plummets by $65 Billion Amid Market Downturn

Published

1 day ago

April 4, 2025

Ekwutos Blog

Elon musk, Jeff Bezos, Larry Elison

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In a significant setback, the world’s wealthiest individuals collectively lost over $65 billion in net worth today, as key market sectors experienced a sharp downturn.

This decline affected prominent figures in technology, finance, and other industries, sending shockwaves through financial markets.

Ekwutosblog reports that the downturn occurs amidst cautious optimism that new US policies may not be as severe as initially feared.

However, the immediate impact has already been felt, leading to a decline in the net worth of billionaires such as Elon Musk, Warren Buffett, and Jeff Bezos, amongst others who have significant stakes in tech, finance, and other industries.

The global billionaire population has been growing, with over 2,850 individuals representing almost $15 trillion in wealth.

Despite this growth, the market downturn serves as a reminder of the volatility and risks associated with wealth concentration.

Business

Sterling Bank Makes History: Scraps Transfer Fees for Local Online Transactions, Earns Praise from Lawmakers, Including Mohammed Bello El-Rufai, and the Public

Published

2 days ago

April 3, 2025

Ekwutos Blog

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Sterling Bank has taken a groundbreaking step to ease the financial burden on Nigerians by eliminating transfer fees and other charges for local online transactions.

This move is a significant stride towards financial inclusion and customer-centric banking, particularly during a time when economic pressures are high.

Ekwutosblog gathered that this initiative has been commended by Mohammed Bello El-Rufai, Chairman of the House Committee on Banking Regulations, who praised Sterling Bank’s commitment to creating a more accessible and equitable banking system.

El-Rufai encouraged other financial institutions to follow Sterling Bank’s example, emphasizing that a competitive banking sector prioritizing Nigerians’ interests will strengthen the economy and rebuild public trust in financial services.

Sterling Bank’s decision to scrap transfer fees is expected to benefit individuals and small business owners who frequently make online transactions. The bank’s customers can now perform local transfers via the mobile app without incurring any charges. Obinna Ukachukwu, Growth Executive at Sterling Bank, stated that access to one’s own money shouldn’t come with a penalty, highlighting the bank’s values-driven approach to customer-centric banking.

This move has sparked widespread public approval, with many calling on other banks to adopt similar policies.

As policymakers, El-Rufai reiterated their commitment to fostering a regulatory environment that encourages pro-customer initiatives while ensuring sustainability within the banking sector.