By Charles Igwe
The Nigerian Senate has initiated an investigation into the operations of major cement manufacturers in response to the sudden spike in cement prices and other construction materials across the country.
In a session held on Wednesday, the Senate announced its intention to address the issue and find a viable solution. Additionally, it urged the federal government to temporarily allow the importation of cement to alleviate the situation.
The Senate specifically tasked the Senate Committee on Industries, led by Senator Francis Fadahunsi, to delve into the practices of cement manufacturers within Nigeria. The aim is to determine whether market manipulation or monopolistic behavior is responsible for the price increase. The committee is expected to report its findings to the Senate within two weeks and ensure that fair market practices are adhered to by cement manufacturers.
The Senate’s actions were prompted by concerns raised by Senator Lola Ashiru of the All Progressives Congress (APC), representing Kwara South. Ashiru highlighted the critical role of the construction industry in infrastructure development and economic growth, emphasizing the industry’s reliance on affordable cement and other building materials. He expressed dismay over the continuous rise in cement prices, which has hindered progress in various development projects nationwide, including critical infrastructure, housing, and constituency projects.
Ashiru stressed the urgency of addressing the issue to support national development, job creation, and overall improvement in the livelihood of Nigerians. He cited the detrimental impact of the price hikes on contractors, project delays, and increased youth unemployment, which contributes to rising crime rates.
