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Senate to Investigate Surge in Cement and Building Materials Prices

Senate to Investigate Surge in Cement and Building Materials Prices

The Senate has taken a decisive step to investigate the significant rise in the prices of cement and other building materials within the country. In light of this, the Federal Government has been urged to permit the importation of cement as a temporary solution.

Consequently, the Red Chamber has assigned its Committee on Industries, chaired by Senator Francis Fadahunsi (APC, Osun East), to conduct an inquiry into the operations of cement manufacturing industries in the country. The aim is to determine whether market manipulation or monopolistic practices are responsible for the surge in prices. The committee has also been tasked with ensuring that cement manufacturing companies abide by fair market practices and refrain from engaging in anti-competitive pricing.

These resolutions were reached following a motion titled “Need to urgently address the increase in cement prices and other building materials in Nigeria,” which was put forward by Senator Oyelola Ashiru (APC, Kwara South), the Senate Deputy Leader, during a plenary session.

Senator Ashiru, while presenting his motion, highlighted the crucial role of the construction industry in infrastructure development and the overall economic growth of the nation. He expressed concern that the continuous and steep increase in cement prices has had a detrimental effect on various development projects across the country.

The lawmaker pointed out that key building materials, particularly cement and iron rods, have experienced exorbitant price hikes. Cement, which was priced at N5,500 per bag in January 2024, has surged to around N14,000, while iron rods have risen from N8,500 to N17,000.

Senator Ashiru found the sudden and significant price increase perplexing, especially considering that the raw materials for cement production are sourced entirely within the country and not imported.

He emphasized the importance of affordable cement and building materials for national development. Addressing this issue promptly would be advantageous for the construction industry, as it would ensure the progress of constituency projects, enhance national security through job creation and stability, and improve the overall well-being of Nigerians.

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Blessing Temi

Blessing Temitope here, bridging the gap between the unfolding world and the power of song lyrics. My pen charts the map of current events while celebrating the artistry behind the music. Join me for a deep dive into the narratives and verses that define our times.

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