Reps summon Dangote, BUA, others over cement price hike

The House of Representatives has resolved to invite the management of Dangote Cement, BUA Cement, and other manufacturers over the high cost of cement in the country.

This followed the adoption of a motion by Jonathan Gbefwi (PDP-Nasarawa) at the plenary in Abuja on Wednesday, March 13, 2024.

Presenting the motion, Gbefwi said the manufacturers raised the price of cement by 50 per cent leading to a sharp increase in the cost of building materials in the country.

“The raw materials for the manufacturing of cement, which include lime, silica, alumina, iron oxide, and gypsum are all sourced locally and not affected by exchange rate volatility,” he said.

The lawmaker noted that all the factors of production and elements of the cement production were being sourced locally.

FG, manufacturers peg cement price at N7,000, N8,000

Gbefwi added: “Concerned 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.

“Also concerned that the cement cabal is unconscionably inflicting hardship on Nigerians as the prices of rent and associated services have increased.

“The increase is a direct affront and sabotage of President Bola Tinubu’s administration’s effort to bring comfort to the populace and should be resolved immediately.”

Contributing, Peter Ifeanyi (PDP-Anambra) said the motion affected the downtrodden in society.

Ifeanyi said there were reports suggesting that Dangote Cement and other producers would crash the price of cement to N3,000, adding that the price has however continued to rise astronomically.

On his part, Yussuf Gagdi (APC-Plateau) supported the claims, accusing cement dealers of smuggling the commodity to neighbouring countries at the detriment of Nigerians.

In his ruling, the Speaker, Tajudeen Abbas, said cement manufacturers and all relevant agencies of government have questions to answer from the lawmakers.

The Star