Senate to investigate increase in cement price

The Senate has resolved to investigate the sudden increase in the price of cement by its producers in Nigeria.

This followed the adoption of a point of order moved by the Deputy Senate Leader, Lola Ashiru at Wednesday’s plenary in Abuja.

The manufacturers had on Monday agreed to bring down the cement price from N10,000 to between N7,000 and N8,000 at a meeting with the federal government in Abuja.

They also declared their readiness to further reduce the prices in the future if the federal government fulfills its promises on the matter.

The federal government on Tuesday threatened to open the country’s borders for cement importation over the high cost of the product.

In his presentation, Ashiru urged the Senate to mandate its Committee on Industries to conduct an investigation into the activities of cement companies operating in Nigeria.

This, according to him, will enable the Senate to ascertain the reasons behind the price hike.

He also urged the Senate to mandate the committee to ensure that cement companies adhered strictly to fair market practice and desist from anti-competitive practice.

Ashiru stressed that construction industry was vital to infrastructural development in the country.

He lamented that the daily increase in the price of the product had hampered various developmental endeavours across the country.

The lawmaker said: “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.

“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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