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Home Government

House of Representatives Investigates Cement Price Hike

Nnaemeka OkwarabyNnaemeka Okwara
July 20, 2024
in Government
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House of Representatives Investigates Cement Price Hike
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The National Assembly has embarked on an investigation into the continuous hike in cement prices in the country. The joint committee tasked with the investigation has summoned major cement producers, including Dangote Cement Company and Lafarge Africa Plc, to provide detailed information on their cost of production.

Johnathan Gaza, the committee chairman, aims to determine a fair price for cement and ensure that Nigerians are not exploited by the industry. The companies have been asked to submit documents to ensure a complete audit of their cost of production, including the cost of raw materials, labour, and other expenditures, as well as their average daily consumption of key inputs like coal, gas, and gypsum.

The investigation follows concerns that cement prices have drastically increased in recent years, with a bag of cement now costing over N10,000 in some parts of Nigeria. The committee is determined to get to the bottom of the price hike and ensure that the industry operates transparently and fairly.

 

Dangote Cement and Lafarge Africa representatives were interrogated on Friday during a panel hearing.

They both attributed the price hike to economic challenges facing the country. They also mentioned of high cost of raw materials, high cost of transportation, and foreign exchange losses.

However, the committee remains doubtful, noting that the companies have continued to make significant profits despite the challenges. The committee has also criticized the Federal Competition Consumer Protection Commission (FCCPC) for failing to protect consumers from exploitation by the industry

Tags: Cementfederal charactergovernmentHouse of RepresentativesHouse of Representatives Investigates Cement Price HikeNewsNigeriaPrice hike
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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