The House of Representatives has mandated its Committees on Solid Minerals Development, Commerce, Industry and Special Duties to investigate the arbitrary increase in the price of cement by manufacturers in the country like Dangote Cement and BUA Cement. This followed a motion by a lawmaker, Jonathan Gaza.
A 50kg bag of cement is currently sold for N10,000 in most parts of the country, about 100% increase from its initial price of N5,000 in the last three months. Cement manufacturers in Nigeria had met government representatives in February and agreed to bring down the price of the product to between N7,000 naira and N8,000 naira per 50kg depending on the location nationwide but the price still remained N10,000 naira in most places.
The House, therefore on Wednesday, resolved that the committees should summon cement manufacturers in the country, for capitalising on exchange rate volatility to arbitrarily increase the price of the product, whose cost of production has not changed significantly since last year.
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