The House of Representatives Joint Committee investigating the arbitrary increase in the price of cement in Nigeria has presented a report which compared the exorbitant cost of the commodity in Nigeria to other countries including its African counterparts.
Naija News recalls that on March 13, 2024, the House made a resolution to investigate the continuous rise in the price of cement.
This decision was prompted by the motion co-sponsored by Gaza Gbefwi (SDP, Nasarawa) and Ademorin Kuye (APC, Lagos).
On February 13, the Federal Government and cement manufacturers reached an agreement to set the price of a 50kg bag of cement between ₦7,000 and ₦8,000.
During the public hearing held on Tuesday in Abuja, organized by the House Joint Committee, the Chairman of the House Committee on Solid Minerals, Gaza Gbefwi, emphasized the urgent need to address the price of cement in the country.
He highlighted that in many African countries, the price of cement is significantly lower compared to Nigeria.
The lawmaker 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.”
During his address at the event, the Speaker, Abbas Tajudeen, who was represented by the Deputy Speaker, Benjamin Kalu, reassured the manufacturers that the public hearing was not meant to target them, but rather to provide a platform for finding solutions to the issues impacting the housing sector, specifically the high cost of cement nationwide.
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