Reps warned against criticising cement manufacturers

A press release signed by the CPPE CEO, Muda Yusuf, mentioned that many of the remarks at the session have been able to incite the general public towards the cement producers and put their enormous investments in danger.

It added that it was extra troubling that the members had not listened to the producers earlier than speeding to judgment and castigating the producers.

The assertion learns partly: “Members alleged that the producers had been exploitative as they engaged in arbitrary fixing of cement worth. Some members even described the producers as unpatriotic.

“These have been narratives on the ground of the home that we consider to be most unfair to traders within the cement sector, particularly when the members had not heard the views of the home’s cement producers.”

Also Read: Naira rebounds to N1,400/$ as speculators offload forex.

In response to the CPPE, cement producers have been disparaged, denigrated and portrayed as intentionally inflicting ache on the Nigerians by arbitrarily raising the value of cement.

The centre, which described the feedback as unfair, mentioned such weighty allegations must be premised on thorough research, empirical information and proof.

It further said that such commentaries represented unfavourable signalling for a financial system seeking to industrialise, entice traders, and create jobs.

The CPPE stated that equity ideas demand that cement producers be allowed to inform their own tales before members can make good conclusions and judgments.

It added, “However, regrettably, they’ve been judged publicly rather than given the chance to present their aspect of the story. We consider this a breach of the norms and requirements of equity and fairness.

“The producing enterprise is probably the most difficult enterprise within the modern Nigerian financial system. Many international corporations in that sector have either exited the nation or downsized their operations.”