The House of Representatives has summoned Dangote, Bua, and other cement manufacturers in Nigeria over alleged arbitrary increases in the price of cement. The House also mandated its Committees on Solid Minerals Development, Commerce, Industry, and Special Duties to investigate the matter.
The summons follows a motion brought by Hon. Gaza Jonathan Gbefwi and Hon. Ademorin Kuye during plenary in Abuja. The lawmakers expressed concern that cement manufacturers have increased the price of their products by up to 50%, leading to significant hikes in building costs and rents across the country.
They noted that the raw materials for cement production are sourced locally and not affected by exchange rate volatility, and the cost of production has not significantly changed since last year. The lawmakers accused cement manufacturers of capitalizing on exchange rate fluctuations to raise prices.
The lawmakers described the price hike as an affront to the efforts of the President Bola Ahmed Tinubu’s administration to improve living conditions for Nigerians. Hon. Yusuf Gagdi emphasized that despite government interventions, the price hike was unnecessary.
To address the issue, Hon. Babajimi Benson suggested a sectoral debate to understand the factors behind the price increase, while Hon. Sada Soli called for compassion, considering the potential impact on the national economy and investments.
The committee is expected to report back within four weeks for further legislative action.
