In light of the recent spike in the cost of cement and other building supplies in Nigeria, the Senate has decided to look into the operations of the main cement producing companies operating in the country.
On Wednesday, the lawmakers declared that they will be able to solve the issue thanks to their investigation.
Additionally, it pleaded with the federal authorities to let cement imports as a temporary fix.
As a result, it directed the Senate Committee on Industries, chaired by Senator Francis Fadahunsi, to look into the operations of the Nigerian cement manufacturing sector.
The purpose of this, it said, was to investigate if monopolistic behavior or market manipulation was the cause of the price increase and to report back to the Senate in two weeks.
The committee was also directed by the Red Chamber to make sure cement production enterprises strictly follow fair market practices and refrain from charging prices that are too high.
The Senate passed resolutions in response to a point of order brought up by Senator Lola Ashiru of the All Progressives Congress (APC), Kwara South, with the subject “Need to urgently address the increase in cement prices and other building materials in Nigeria.”
Since the construction industry primarily depends on cement and other building materials for its survival, Ashiru, who was subject to Order 42 on “personal explanation,” stated that the sector is essential to the development of infrastructure and economic growth.
He voiced concern about the fact that advances in numerous national development initiatives have been impeded by the current pattern of nearly daily product price increases.
