The House of Representatives has issued a stern 14-day deadline to Dangote Cement, BUA, Lafarge Ashaka, and other cement manufacturers to provide explanations regarding the recent surge in cement prices across Nigeria. The directive came during a public hearing convened by the House Joint Committees on Commerce, Industry, Special Duties, and Solid Minerals in Abuja.
Expressing dismay at the absence of representatives from the cement companies, Chairman of the House Committee on Solid Minerals, Mr. Gaza Gbefwi, emphasized the parliament’s commitment to upholding constitutional responsibilities. He stressed the urgency of the matter, highlighting the adverse effects of exorbitant cement prices on Nigerians striving to afford decent housing.
In his address, Gbefwi underscored the crucial role of cement in national development and urged the companies to cooperate within the stipulated timeframe. He warned of legislative action should the companies fail to comply, emphasizing the need to prevent exploitation of consumers.
Deputy Speaker Benjamin Kalu, representing Speaker Abbas Tajudeen, reiterated the House’s dedication to enacting legislation conducive to industrial growth. He assured the invited companies that the inquiry aimed to address challenges in the construction sector exacerbated by frequent price hikes.
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Kalu emphasized the importance of affordable cement prices in bridging the nation’s housing deficit and fostering economic development. He cited positive indicators in the economy, including favorable exchange rates and improved credit outlook, underlining the government’s commitment to addressing market dynamics.
Highlighting Nigeria’s substantial housing and infrastructural deficits, Gbefwi emphasized the need for proactive policies to spur development. He compared cement prices in Nigeria unfavorably with those in other African countries, stressing the imperative of collaborative efforts to address discrepancies.
The public hearing signifies a concerted effort by the House to ensure transparency and accountability in the cement industry, with the aim of mitigating hardships faced by Nigerians amidst rising prices.
