The Senate has resolved to investigate the sudden hike in the price of cement by its producers in Nigeria.
This followed the adoption of a point of order by the Deputy Senate Leader, Senator Lola Ashiru on the “Need to Urgently Address the Increase in Cement Price and other Building Materials in Nigeria” at plenary in Abuja on Wednesday, February 21, 2024.
Presenting the order, Ashiru urged the Senate to mandate its Committee on Industries to investigate the activities of cement manufacturing industries operating in Nigeria.
This, he said, was to ascertain the reasons behind the price hike.
The lawmaker also urged the Senate to mandate the Committee on Industries to ensure that cement producers adhered strictly to fair market practice and desist from anti-competitive practice.
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Ashiru said the construction industry is vital to infrastructure development, adding that the building industry heavily depends on cement and other building materials for its sustenance.
He said the trend of a daily increase in the price of the product has hampered progress in various developmental endeavours across the country.
“This is because key building materials particularly cement and iron rod prices are now sold at prohibitive rates with cement and iron rod recently rising from N5,500 per bag in January 2024 to about N14,000 and N8,500 to N17,000, respectively,” Ashiru said.
The lawmaker noted that the sudden price increase has had a detrimental impact on critical infrastructure and housing in the country, saying the raw materials for cement were being sourced 100 per cent locally and not imported making the sudden surge in price suspicious and perplexing.
He said: “Cognisant that affordable cement and other building materials are indispensable to national development, addressing the issue in time will be advantageous to the construction industry.
“This is because it will ensure the progress of constituency projects and strengthen national security by providing jobs and stability and improve the livelihood of Nigerians generally.”
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