The alarming surge in cement prices by producers in Nigeria, the Senate has taken decisive action, resolving to launch a thorough investigation into the matter. This development unfolded during a plenary session on Wednesday, following the presentation of a point of order by Deputy Senate Leader, Sen. Lola Ashiru. The order, titled “Need to Urgently Address the Increase in Cement Price and other Building Materials in Nigeria,” highlighted the pressing need to delve into the reasons behind the unprecedented price hike.
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Sen. Ashiru emphasized the pivotal role of the construction industry in infrastructure development, stressing its heavy reliance on cement and other building materials. He underscored the adverse effects of the relentless price increments, which have impeded progress in various developmental projects across the nation. Notably, the price of cement skyrocketed from N5,500 per bag in January 2024 to approximately N14,000, alongside a parallel surge in the price of iron rods from N8,500 to N17,000.
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Expressing concern over the situation, Sen. Ashiru pointed out that the raw materials for cement production are domestically sourced, rendering the sudden escalation in prices perplexing and suspicious. He urged the Senate to empower the Committee on Industries to conduct a thorough investigation into the activities of cement manufacturing companies, with a focus on ensuring adherence to fair market practices and deterring anti-competitive behaviors.
Furthermore, Sen. Ashiru emphasized the critical importance of affordable cement and other building materials in driving national development. He emphasized that addressing the issue promptly would not only bolster the progress of constituency projects but also contribute to enhancing national security through job creation and stability, ultimately improving the overall livelihood of Nigerians.
The Senate’s decision to probe the escalating cement prices underscores its commitment to safeguarding the interests of the populace and promoting sustainable economic growth. As the investigation unfolds, stakeholders eagerly await its findings and hope for measures that will mitigate the adverse impacts of the price surge on Nigeria’s construction sector and broader economy.
