Business
Staggering Cement Prices Jolt Developers
As the prices of cement, one of the prime building materials soar, some home developers have decided to watch the unfolding events before taking final decision on their projects at hand.
The Tide have observed that the price of the product has failed to return to normal, inspite the directive given by the Federal Government, for which the masses expected a return to normal prices of between N1,500 and N1,600. It was further observed that the prices did not also go down even during the peak of the rainy season when real housing development activities usually drops drastically. Tide also observed that price of the commodity was still higher than the prices being purchased at the peak of the building activities during last year’s dry season.
Speaking to The Tide on his decision, a building developer and a dealer in cement, Mr Livingston Agwu said that he was very surprised that the prices of cement still remain at N1,800 and N1,750, even in a season that is not favourable to building construction.
According to him “I have decided to hold on and watch how the events are unfolding, because what I have seen this year is quite different from other years, in that price still did not come down even at the peak of raining season.”
Livingston explain that he had decided to abandoned the tiling and other finishing of a particular project he has at hand that require the use of cement, because he is not willing to spend much on the work due to unstable prices of cement these days.
On his part, another estate developer, Mr Michael Ihunda said that since the price of cement has failed to reduce at the peak of raining season, when developers are mostly out of site. It is evident that the price will shoot up at the nex dry season, beginning from November this year when people will return to site. He said that price per bag of cement may go high as much as N2,500 when work will be at the peak, adding that he is just monitory the situation, to know what next to do to prachase cement ahead of time.
Corlins Walter
Business
Nigeria’s Gold, Other Solid Minerals Being Stolen – NEC
The National Economic Council has expanded the mandate of its Ad-hoc Committee on Crude Oil Theft Prevention and Control to cover illegal mining.
This is just as the council raised the alarm that the nation’s solid minerals, including gold, are being mined and stolen.
Imo State Governor, Hope Uzodimma, who chairs the committee, disclosed this while briefing State House correspondents after the 153rd NEC meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, yesterday.
Uzodimma said the expanded mandate is part of the government’s efforts to curb resource theft and increase revenue from Nigeria’s solid minerals sector.
“The National Economic Council Ad-hoc Committee on Crude Oil Theft Prevention and Control, which I chair, presented an interim report today to the Council.
“NEC received our report with satisfaction and expanded our Terms of Reference to now also take interest in solid minerals, because our solid minerals are being mined and stolen and not adding to national revenue,” said Uzodma.
He noted that the expanded role would enable the committee to coordinate with the Ministry of Solid Minerals Development and other federal and subnational institutions to combat widespread illegal gold mining and other forms of mineral smuggling that have deprived the country of much-needed foreign exchange.
“Going forward, our committee, working with other government agencies, will look at how to ensure that the revenue of the country arising from solid minerals like gold and other forms of solid minerals are not allowed to be stolen,” the governor added.
NEC’s Ad-hoc Committee on Crude Oil Theft Prevention and Control was first established under former President Muhammadu Buhari in August 2022.
It was reconstituted under President Bola Tinubu in December 2023 with Uzodinma as chairman.
The committee was initially mandated to address the challenge of crude oil theft and pipeline vandalism.
Its creation followed rising oil theft that had crippled national production and forced international oil companies to shut down key pipelines.
At the time, oil production had crashed to around 700,000–800,000 barrels per day, far below Nigeria’s OPEC quota, costing the government billions of dollars in lost export revenue.
Uzodimma explained that through what he called a “collaborative approach” involving regulators, operators, and the security forces, the committee had helped raise daily crude oil production to over 1.7 million barrels per day in the past 22 months.
The governor stated, “Before May 29, 2023, when President Bola Tinubu was sworn in, our crude oil production was around 700,000 to 800,000 barrels a day.
“Working with stakeholders, the regulators, operators in the industry, and the Navy, we were able to involve all the governors of crude oil-producing states and raise different security organisations.
“You would agree with me that as I speak, daily production is now in excess of 1.7 million barrels a day, and cases of pipeline vandalism and vandalisation of oil assets have also been on the decline.”
The council, he said, was satisfied with the progress and decided to deploy the same model of intergovernmental coordination, private-sector partnership, and multi-agency surveillance to the mining sector, plagued by resource theft.
“We are determined to ensure that crude oil production and gas are properly preserved for the benefit of our citizens.
“Now, with this new directive, we will also protect our gold and solid mineral assets,” Uzodinma added.
Nigeria’s illegal mining economy, particularly in gold, lithium, and other high-value minerals, has grown into a multibillion-naira shadow industry.
According to data from the Nigeria Extractive Industries Transparency Initiative, the country loses an estimated $9bn annually to illegal mineral extraction and smuggling.
The Federal Government has linked several unlicensed mining operations to armed groups in the North-West and North-Central regions, where gold has become a source of illicit financing for bandits.
A 2023 NEITI audit also showed that over 80 per cent of mining activities in Nigeria were conducted informally, without licenses or environmental oversight.
In September 2024, the Ministry of Solid Minerals Development revoked over 900 dormant licences and announced plans for a national gold reserve policy. But enforcement remains difficult, with weak surveillance, limited manpower, and overlapping regulatory mandates.
According to Uzodimma, the expanded mandate aims to integrate the fight against illegal mining into the broader national resource protection framework previously used in the oil sector.
“We have done well,” he claimed, adding, “Among other things, we recommended that NNPC, working with security agencies and their consultants, should strengthen security in all the creeks and extend coverage to offshore regions. That will help in curtailing and supervising illegal entries and exits of vessels into our export terminals. This same spirit will now guide our solid minerals sector.”
The committee is expected to submit its first progress report on the expanded mandate at the next NEC meeting in November.
Business
NIMASA Marks 2025 Customer Week, Pledges Service Excellence
Business
SEME Customs Foils Smuggling Attempt Of Expired Flour, Seizes N2bn Contraband
-
Business12 hours agoNigeria’s Gold, Other Solid Minerals Being Stolen – NEC
-
Niger Delta12 hours agoOando Recommits To Education …Assures Continuous Partnership With RSU
-
Politics11 hours agoReps Ask FG To Curb Arbitrary Rent Hike Nationwide
-
Opinion15 hours ago
Fuel Subsidy Removal and the Economic Implications for Nigerians
-
Featured11 hours agoFubara Pledges Cleaner Gateway To PH City …Visits New Dumpsite At Igwuruta
-
News15 hours agoWAEC Conducts Trial Computer-based Essay Test Ahead Of 2026 Exams
-
News11 hours agoFubara Vows Full Support For Independent, Effective Judiciary
-
Niger Delta14 hours agoRSG Tasks NIS On Expatriate Attachee Policy
