The House of Representatives Joint Committee probing the sharp rise in cement prices in Nigeria has expressed concern over the exorbitant cost of the commodity compared to other African nations.
Initiated on March 13th, 2024, following a motion co-sponsored by Gaza Gbefwi (SDP, Nasarawa) and Ademorin Kuye (APC, Lagos), the investigation aims to address the incessant increase in cement prices.
In a bid to stabilize prices, the Federal Government and cement manufacturers reached an agreement on February 13th to fix the price of a 50kg bag of cement between N7,000 and N8,000.
During a public hearing organized by the House Joint Committee in Abuja, Gaza Gbefwi, Chairman of the House Committee on Solid Minerals, emphasized the urgency of resolving the issue. He highlighted that cement prices in Nigeria are significantly higher compared to other African countries, citing a 69% price difference with India, 39% with Zambia, and 29% with Kenya based on official exchange rates.
Addressing the event, Speaker Abbas Tajudeen, represented by Deputy Speaker Benjamin Kalu, assured cement manufacturers that the public hearing aimed to seek solutions rather than target them. The focus is on addressing challenges in the housing sector, particularly the soaring cost of cement nationwide.