Nigeria’s House of Representatives has given a 14-day ultimatum to Dangote Cement, Bua Cement, Lafarge Cement, Asaka Cement, and Eagle Cement to appear before its joint committee and address the arbitrary increase in cement prices in Nigeria.
The Chairman of the House Committee on Solid Minerals, Mr. Gaza Gbefwi, issued the summons during a public hearing organised by the House Joint Committees on Commerce, Industry, Special Duties, and Solid Minerals in Abuja.
Mr. Gbefwi emphasised the significance of addressing the issue of cement price increases, noting its impact on the building and construction industry as well as the overall economy and citizens’ welfare.
The Chairman highlighted Nigeria’s high housing deficit and infrastructure challenges, stressing the importance of both government and private sector collaboration in developing policies to promote development.
He pointed out that Nigeria’s cement prices were notably higher compared to other countries like India, Kenya, and Zambia, urging stakeholders to collectively explore solutions to alleviate the burden on citizens while supporting investors.
Mr. Gbefwi affirmed the House’s commitment to ensuring the thriving of legitimate businesses, including cement production companies, and emphasised that there were no legal impediments preventing the committee from conducting its investigation.
The Deputy Speaker of the House, Rep. Benjamin Kalu, reiterated the House’s dedication to enacting legislation that supports industrialization and small and medium enterprises. He emphasised the detrimental effects of persistent cement price increases on the built environment and the economy, particularly the housing deficit in Nigeria.
Rep. Kalu emphasised the need for affordable cement prices to bridge the housing gap and support construction projects essential for national development.
Furthermore, he acknowledged the positive impact of government policies, such as the “renewed hope” administration, on stabilising the economy and currency exchange rates.
On March 13, 2024, the House initiated the investigation following a motion on the arbitrary increase in cement prices, with a joint committee constituted to examine the matter and provide recommendations. However, the five cement manufacturers failed to appear or send representatives to the hearing.
The committee expects the participation of various ministries, organisations, and stakeholders involved in the cement industry to address the issue comprehensively.
