The House of Representatives on Wednesday summoned cement manufacturers in the country to appear before it to explain the rationale behind arbitrary increase in the cost of cement in the country.
Dangote Cement Plc, BUA Cement Plc and Lafarge are among the major cement producers in Nigeria who are set to appear before the Parliament.
The House resolution was sequel to the adoption of a motion titled “Arbitrary increase in the price of cement by manufacturers of cement in Nigeria,” moved by the member representing Karu/Keffi/Kokona Federal Constituency in Nasarawa State, Mr Gaza Gbefwi, during plenary on Wednesday and member representing Shomolu Federal Constituency, Lagos State, Ademorin Kuye.
Leading the debate at a session presided over by the Speaker, Abbas Tajudeen, Gbefwi argued that cement manufacturers have increased the price of the product by about 50 per cent, leading to sharp hikes in the prices of building blocks, the cost of building, and consequently rents across the country.
According to him, it is ironic that while the prices of raw materials used for the manufacturing of cement, especially lime, silica, alumina, iron oxide, and gypsum (all sourced locally) are not affected by the exchange rate volatility, the price of has cement continued to rise almost on a weekly basis.
