The Senate has resolved to investigate the sudden hike in the price of cement by its producers in Nigeria. This decision came following the adoption of a point of order by the Deputy Senate Leader, Sen. Lola Ashiru, on the “Need to Urgently Address the Increase in Cement Price and other Building Materials in Nigeria” at plenary on Wednesday.
Sen. Ashiru urged the Senate to mandate its Committee on Industries to conduct an investigation into the activities of cement manufacturing industries operating in Nigeria. He emphasized the importance of ascertaining the reasons behind the price hike and ensuring that cement manufacturing companies adhere to fair market practices.
The construction industry heavily relies on cement and other building materials for its sustenance, and the continuous increase in the price of these products has hindered progress in various developmental endeavors across the country. Ashiru noted that the price of cement had risen sharply from N5,500 per bag in January 2024 to about N14,000, while the price of iron rods had also increased significantly.
He expressed concern over the impact of the sudden price increase on critical infrastructure and housing in Nigeria, especially since the raw materials for cement are sourced locally. Ashiru described the surge in price as suspicious and perplexing.
The Senate’s decision to investigate the increase in cement prices is a step towards ensuring transparency and fairness in the industry, and addressing the concerns of Nigerians who rely on cement for their construction projects. The Committee on Industries has been mandated to carry out the investigation and report back to the Senate with their findings.
