The House of Representatives Joint Committee, investigating the sudden rise in cement prices in Nigeria, expressed concern over the high cost compared to other African nations.
This inquiry stemmed from a motion introduced on March 13, 2024, following a resolution by Gaza Gbefwi and Ademorin Kuye.
Despite a previous agreement between the Federal Government and cement manufacturers to keep prices between N7,000 and N8,000 per 50kg bag, the committee found significant disparities. Chairman Gaza Gbefwi highlighted that Nigerian prices were 69% higher than in India, 39% higher than in Zambia, and 29% higher than in Kenya.
Speaker Abbas Tajudeen, represented by Deputy Speaker Benjamin Kalu, assured manufacturers that the investigation aimed to find solutions for the housing sector’s challenges, particularly the inflated cement prices.
Further details will follow.