Abuja, March 13, 2024 – The House of Representatives is to investigate the arbitrary increase in the price of cement.
The House made the resolution following a motion on notice sponsored by Gaza Jonathan Gbefwi (SDP, Nasarawa) and Ademorin Kuye (APC, Lagos).
Gbefwi had alleged that cement manufacturers increased the price of their products by up to 50 per cent recently without justification.
He said the sharp hike had led to attendant increase in price of building blocks, the cost of building, and consequently, the price of rent across the country
He said this was in spite of the fact that the raw materials for the manufacture of cement were sourced locally and not affected by exchange rate volatility.
Gbefwi said all the factors of production and elements of the cement production flow chart are also sourced locally and have not changed significantly year-on-year.
He said the manufacturers were capitalising on exchange volatility to exploit Nigerians.
Oboku Oforji (PDP, Bayelsa), in his contribution, said the legislature must not close its eyes and watch cement manufacturers inflict pains on Nigerians through arbitrary price increases.
Yusuf Adamu Gagdi (APC, Plateau) accused cement manufacturers of practically sabotaging the efforts of the government to provide affordable housing for the Nigerian people.
Gagdi said while the prices of cement were rising above the reach of the average Nigerian, people from neighbouring countries were enjoying the benefit of the products.
George Ozodinobi (LP, Anambra) calls for mass importation of cement into the country, saying doing so will force down the prices of locally produced cement. (GBN)
