Rep Committee Probes Soaring Cement Prices in Nigeria

The Joint Committee of the House of Representatives is investigating the sharp rise in cement prices in Nigeria. Major producers, including Dangote Cement and Lafarge Africa, have been asked to provide detailed financial records and production data to justify the current market price.

The committee, led by Rep. Jonathan Gaza, aims to ascertain the actual cost of production and determine a fair price for consumers. The companies have been requested to submit information on their production inputs, costs, profit margins, and any tax incentives or waivers received.

The investigation comes amid concerns that the high cement prices, exceeding N10,000 per bag in many parts of the country, are causing hardship for Nigerians. The committee members have questioned the continued profitability of the cement producers despite the challenging economic conditions.

The cement companies have attributed the price hikes to factors such as increased costs of imported raw materials, logistics challenges, and insufficient foreign exchange. The committee has urged the companies to review their policies and operations to reduce cement prices for the benefit of the Nigerian people.