The House of Representatives Joint Committee investigating the sudden rise in the cost of cement in Nigeria has expressed sorrow about the price of the product, when compared to what is found in other African nations.
Recall that on March 13, 2024, the House decided to look into the constant increase in the cost of cement after the motion co-sponsored by Gaza Gbefwi (SDP, Nasarawa) and Ademorin Kuye (APC, Lagos).
On February 13, the Federal Government and cement manufacturers agreed to set the price of a 50kg bag of cement between N7,000 and N8,000.
During the public hearing on Tuesday organized by the House Joint Committee in Abuja on the subject, Gaza Gbefwi, Chair of the House Committee on Solid Minerals, said it's necessary to deal with the situation, noting that in most African countries, the cost of cement is lower than in Nigeria.
He said, “Our findings showed that the price of cement is 69 per cent higher in Nigeria than in India, 39 per cent higher in Nigeria than in Zambia and 29 per cent higher than in Kenya given the official exchange rate.”
At the event, the Speaker, Abbas Tajudeen represented by the Deputy Speaker, Benjamin Kalu, assured the manufacturers that the public hearing was not meant to target them but a way to provide solutions to the issues affecting the housing sector, particularly the high cost of cement across the country.
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