The Senate has asked the Executive to open borders for the Importation of cement to reduce the price hike.
Also, the Senate is investigating the increase in cement prices and other building materials in the country with a view to finding a solution to the problem.
To this end, the Senate has mandated the Senator Francis Fadahunsi (APC, Osun East) led Committee on Industries to conduct an investigation into the activities of cement manufacturers operating within Nigeria in order to ascertain whether market manipulation or monopolistic practice are the reasons behind the price and report back in two weeks.
The Senate has also mandated the committee to ensure that cement manufacturing companies adhere strictly to fair market practice and desist from anti competitive prices.
This followed a point of order on the need to urgently address the increase in cement prices and other building materials in Nigeria.
The motion was sponsored by Sen Oyelola Yisa Ashiru, APC, Kwara South.
Ashiru who came under Order 42 on Personal Explanation, said that the construction industry was vital for infrastructure development and economic growth heavily relies on cement and other building materials for its sustenance.
He expressed worry that the recent trend of an almost daily increase in the price of the product has severely hampered progress in various developmental endeavours across the country.
According to him, key building materials, particularly cement and iron rod prices, are now sold at prohibitive rates with cement and iron rod recently rising from 5,500 per bag in Jan. 2024 to about 14,000 and 8,500 to 17,000 respectively.
He expressed worry that the sudden and stiff price increase is having a detrimental impact on critical infrastructure, housing and our own constituency projects across the country.
Ashiru who noted that raw materials for cement are sourced 100 percent locally not imported making this sudden surge in prices suspicious and perplexing.
He said, “Cognisant that affordable cement and other buildings 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 projects and strengthen national security by providing jobs and stability and improve the livelihood of Nigerians generally.”
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