Cement Price hike: Nigerian Senate takes drastic step

The Nigerian Senate will investigate the recent increase in cement prices in Nigeria.

Deputy Senate Leader Lola Ashiru expressed worries about the growing cement price and other building supplies at Wednesday’s plenary.

He said that to ascertain the reason for the price increase, the Senate Committee on Industries ought to look into the methods used by cement producers.

Additionally, he urged the businesses to refrain from anti-competitive activity and adhere to fair market standards.

“This is because key building materials, particularly cement and iron rod prices are now sold at prohibitive rates, with cement and iron rod recently rising from N5,500 per bag in Jan. 2024 to about N14,000 and N8,500 to N17,000, respectively,” he said.

“Cognisant that affordable cement and other building materials are indispensable to national development, addressing the issue in time will benefit the construction industry.

“This is because it will ensure the progress of constituency projects and strengthen national security by providing jobs and stability and improve the livelihood of Nigerians generally,” he said.

According to a ZINGTIE report, cement costs in Abuja have increased to more than N10,000 for 50 kg.

During a meeting, the government and cement producers decided to set the cement price at N8,000 per 50 kg.

In response to Nigeria’s cement producers’ refusal to lower the price of their product domestically, Minister of Housing and Urban Development Ahmed Dangiwa has threatened to open the borders to allow cement importation.

Meanwhile, according to the National Bureau of Statistics, Nigeria’s inflation shot up to 29.90% in January.

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