Just in: Reps summon Dangote, BUA, others over continuous rise in cement price

2024-03-13 16:29:03

Legit.ng - Nigeria news.

FCT, Abuja - On Wednesday, March 13, the House of Representatives summoned cement manufacturers, including industry giants Dangote and BUA, over the hike in cement prices.

In recent weeks, there has been what is termed an "arbitrary increase" in the price of cement by the manufacturers of cement in Nigeria.

President Bola Ahmed Tinubu, on Thursday, February 29, instructed cement companies to return to the previous pricing of the commodity, the reverse has been the case as Cement is currently sold from N10,500 upwards.

Reacting to the development, on Wednesday, the House also mandated its Committees on Solid Minerals Development, Commerce, Industry and Special Duties to investigate the arbitrary increase in the price of cement by manufacturers of cement in the country.

Vanguard reported that the resolution was sequel to a motion moved by Honourable Gaza Jonathan Gbefwi, and Honourable Ademorin kuye during plenary in Abuja.

Moving the motion Gbefwi noted that the manufacturers of cement have increased the price of their products by up to 50%, leading to sharp hikes in building blocks, the cost of building, and consequently, the price of rent in the country.

Hon Gbefwi voiced deep concern over the perceived exploitation of exchange rate fluctuations by manufacturers as grounds for unjustified price increases, The Nigerian Tribune reported.

Legit.ng reported earlier that the national chairman of the Cement Producers' Association of Nigeria (CEPAN), David Iweta, said the association was ready to help the Nigerian government to crash cement prices within 30 days if taken along as part of efforts to find a solution.

Iweta attributed the continued increase in the product's price to the challenge of demand outweighing supply in the sector.

He said the supply chain was affected mainly by the foreign exchange crisis in the country.

2024-03-13 News