The House of Representatives has expressed concern over the huge gap in cement prices between Nigeria and other African countries, following an investigation into the surge in cement prices in the country.
On March 13, 2024, the house agreed to investigate and address the incessant increase in cement prices following a motion co-sponsored by Gaza Gbefwi (SDP, Nasarawa) and Ademorin Kuye (APC, Lagos).
Recall that the Federal Government and cement manufacturers on February 13, resolved to regulate prices between N7,000 and N8,000 for a 50kg bag of cement.
The public hearing held on Tuesday in Abuja by a joint committee of the house highlighted the need to urgently rectify the situation.
The Chairman of the House Committee on Solid Minerals, Gaza Gbefwi, said cement prices in Nigeria are 69% higher than India, 39% higher than Zambia, and 29% higher than Kenya, based on official exchange rates.
Gbefwi 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 the hearing, the Speaker, Abbas Tajudeen, represented by Deputy Speaker Benjamin Kalu, reassured cement manufacturers that the investigation is not targeted at them but to address the challenges in the housing sector, particularly the soaring costs of cement nationwide.