The Nigerian Senate plans to investigate the recent surge in cement prices in Nigeria.
Deputy Senate Leader, Lola Ashiru raised concerns about the rising cost of cement and other building materials during plenary on Wednesday, calling on the Senate Committee on Industries to examine the practices of cement manufacturers to determine the cause of the price hike.
He urged the companies to follow fair market practices and avoid anti-competitive behaviour.
“This is because key building materials, particularly cement and iron rod prices are now sold at prohibitive rates, with cement and iron rod recently rising from N5,500 per bag in Jan. 2024 to about N14,000 and N8,500 to N17,000, respectively,” he said.
“Cognisant that affordable cement and other building materials are indispensable to national development, addressing the issue in time will benefit the construction industry and ensure the progress of constituency projects, therefore, strengthen national security by providing jobs and stability and improve the livelihood of Nigerians generally,” he said.
By – Opeoluwa Micheal-Ayobami
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