The Senate has decided to investigate the sudden increase in cement prices by producers in Nigeria. This decision came after the Deputy Senate Leader, Sen. Lola Ashiru, raised a point of order regarding the urgent need to address the rising prices of cement and other building materials in Nigeria during Wednesday’s plenary session.
Ashiru proposed that the Senate task its Committee on Industries with conducting an inquiry into the activities of cement manufacturers in Nigeria to determine the reasons behind the price surge.
He also urged the Senate to instruct the Committee on Industries to ensure that cement manufacturers comply with fair market practices and refrain from engaging in anti-competitive behavior.
Ashiru emphasized the importance of the construction industry for infrastructure development, highlighting its heavy reliance on cement and other building materials. He expressed concern that the daily price increases of cement were impeding progress in various development projects across the country.
”This is because key building materials, particularly cement and iron rod, 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,” he said.
Additionally, he remarked that the abrupt price hike has negatively affected essential infrastructure projects and housing developments in the nation. Ashiru pointed out that the raw materials for cement production are entirely sourced domestically, without any reliance on imports, which makes the unexpected price surge all the more dubious and puzzling.
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