The House of Representatives Joint Committee investigating the surge in cement prices in Nigeria has expressed dismay at the high cost of the commodity compared to other African countries.
Following a resolution on March 13, 2024, to probe the continuous rise in cement prices, the committee conducted a public hearing on Tuesday in Abuja. The investigation was initiated after a motion co-sponsored by Gaza Gbefwi (SDP, Nasarawa) and Ademorin Kuye (APC, Lagos).
In a bid to address the situation, the Federal Government and cement manufacturers had earlier agreed on February 13 to fix the price of a 50kg bag of cement between N7,000 and N8,000.
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During the public hearing, Gaza Gbefwi, who chairs the House Committee on Solid Minerals, highlighted the need to address the disparity in cement prices, citing that prices in Nigeria are significantly higher than in other African countries.
He noted that the price of cement is 69 per cent higher in Nigeria than in India, 39 per cent higher than in Zambia, and 29 per cent higher than in Kenya based on the official exchange rate.
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The Speaker, Abbas Tajudeen, represented by Deputy Speaker Benjamin Kalu, assured cement manufacturers that the investigation was not aimed at witch-hunting them but rather finding solutions to challenges in the housing sector, particularly the high cost of cement nationwide.