To explain the rationale behind the irrationale increase in the cost of cement across the country, the House of Representatives, on Wednesday summoned major cement manufacturers in the country to appear before it.
This is not unrelated to the order given by the house to its committees on Solid Minerals Development, Commerce, Industry and Special Duties to investigate the illogical increase in the price of cement by manufacturers in the country and report back within four weeks.
Nigerians have cried out over the incessant hike in the cost of cement which hovers between ₦10,000 and ₦15,000 per bag, up from the previous cost of about ₦5,000 per bag.
The decision of the lawmakers followed the adoption of a motion sponsored by Reps Gaza Jonathan Gbefwi and Ademorin Kuye.
Speaking, Gbefwi lamented that manufacturers of cement have increased the price of their products by up to 50%, leading to hikes in building blocks, the cost of building, and consequently, the price of rent in the country.
He didn’t fail to remind the house that the raw materials for the manufacturing of cement, which include lime, silica, alumina, iron oxide, and gypsum, are all sourced locally and are not affected by exchange rate volatility.
“The cement cabal is unconscionably inflicting hardship on Nigerians as the prices of rent and associated services have increased.”
“It is a direct affront and sabotage of President Bola Ahmed Tinubu’s administration’s effort to bring comfort to the populace and should be resolved immediately,” he said.
Earlier, weeks ago, the Senate had threatened to Probe the major cement manufacturers in the country over the increase in price and hardship inflicted upon Nigerians.