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Hike in cement price: Reps summon Dangote, Bua, others

The House of Representatives today summoned Dangote, Bua and other cement manufactures in Nigeria

Hike in cement price: Reps summon Dangote, Bua, others
Hike in cement price: Reps summon Dangote, Bua, others

They were summoned over alleged arbitrary increase in the price of cement by manufacturer of cement in Nigeria.

The House also mandated its Committees on Solid Minerals Development, Commerce, Industry and Special Duties to investigate the arbitrary increase in the Price of Cement by Manufacturers of cement in the country.

The resolution was sequel to a motion moved by Hon. Gaza Jonathan Gbefwi, and Hon. Ademorin kuye during plenary in Abuja.

Moving the motion Gbefwi noted that the manufacturers of cement have increased the price of their products by up to 50%, leading to sharp hikes in building blocks, the cost of building, and consequently, the price of rent in the country.

He also noted that the raw materials for the manufacture of cement, which include lime, silica, alumina, iron oxide, and gypsum, are all sourced locally and not affected by exchange rate volatility.

He also explained that the factors of production and elements of the cement production flow chart are also sourced locally and have not changed significantly year on year.

He expressed concerns that the manufacturers of cement are capitalizing on exchange volatility to arbitrarily increase the price of the product, whose cost of production has not changed significantly since last year.

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He also said that the cement cabal is unconscionably inflicting hardship on Nigerians as the prices of
rent and associated services have increased.

The post Hike in cement price: Reps summon Dangote, Bua, others appeared first on Ladun Liadi’s Blog.

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