The House of Representatives Joint Committee looking into the arbitrary increase in the price of cement in Nigeria has expressed shock over the exorbitant price of the commodity, vis-à-vis what is obtainable in other African countries.
The House had on March 13, 2024 resolved to investigate the incessant increase in the price of cement following the adoption of the motion co-sponsored by Gaza Gbefwi (SDP, Nasarawa) and Ademorin Kuye (APC, Lagos).
On February 13, the Federal Government and cement manufacturers agreed to peg the price of a 50kg bag of cement between N7,000 and N8,000.
During a public hearing on the subject matter on Tuesday organized by the House Joint Committee in Abuja, the Chairman, House Committee on Solid Minerals, Gaza Gbefwi said there’s a need to address the situation, noting that in most African countries, the price of cement is lower compared to what is obtainable in Nigeria.
He said, “Our findings showed that the price of cement is 69 per cent higher in Nigeria than in India, 39 per cent higher in Nigeria than in Zambia and 29 per cent higher than in Kenya given the official exchange rate.”
Speaking at the event, the Speaker, Abbas Tajudeen represented by the Deputy Speaker, Benjamin Kalu, assured the manufacturers that the public hearing was not intended to witch-hunt them but an avenue to prefer solutions to the challenges affecting the housing sector, particularly the high cost of cement across the country.
