Senate To Probe Hike In Cement, Building Materials Prices

The Senate voted on Wednesday to look into the country’s rising prices of cement and other building supplies, and it also urged the federal government to permit the commodity’s importation as a temporary fix.

Naija News reports that the Red Chamber directed its Committee on Industries, chaired by Senator Francis Fadahunsi (APC, Osun East), to investigate the activities of cement manufacturing industries operating in the country to determine whether the price increase is due to market manipulation or monopolistic practices.

It also directed the committee to guarantee that cement manufacturing enterprises follow fair market procedures and refrain from anti-competitive pricing.

These resolutions came after a motion moved by Senate Deputy Leader Senator Oyelola Ashiru (APC, Kwara South) with the title “Need to urgently address the increase in cement prices and other building materials in Nigeria.”

Cement and other building materials are essential for economic progress, according to Ashiru, who came under Order 42 on Personal Explanation. He argued that the construction industry is also critical for the development of infrastructure.

He voiced concern that numerous national development initiatives have been badly impeded by the recent trend of the product’s price rising practically every day.

The lawmaker stated that vital building supplies, particularly cement and iron rods, are now being sold at exorbitant prices, with cement and iron rods lately going from ₦5,500 per bag in January 2024 to approximately N14,000 and ₦8,500 to N17,000, respectively.

He expressed concern that the quick and sharp price increase is having a negative impact on key infrastructure, housing, and constituency projects across the country.

Ashiru said the abrupt increase in costs is odd and confusing, pointing out that cement raw materials are sourced 100 per cent  locally rather than being imported.

He said, “Cognisant that affordable cement and other building are indispensable to national development, addressing the issue in time will be advantageous to the construction industry because it will ensure the progress of constituency project and strengthen national security by providing jobs and stability and improve the livelihood of Nigerians generally.”