Would you like to receive notifications on latest updates of the following headlines?

Reps Give Alake, Dangote, BUA 14-Day Ultimatum Over Cement Price Hike

POSTED ON May 8, 2024 •   Business      BY Abiodun Saheed Omodara
Nigeria House of Representatives l Credit: @HouseNGR l Source: X

The House of Representatives Joint Committee on Solid Minerals, Commerce, Industry and Special Duties on Tuesday summoned the Minister for Solid Minerals, Mr Dele Alake and some cement manufacturers to appear before it within 14 days.

Others expected to appear alongside the Minister are Dangote, BUA, and Ibeto Cements. While the minister is expected to appear on May 21st, the companies and other stakeholders will appear on May 20th.

They are to explain why the price of cement has refused to drop despite the intervention by the federal government.

While issuing the summons, the Chairman of the House Committee on Solid Minerals and Chairman of the Joint Committee, Hon. Jonathan Gbwefi Gaza expressed dismay that: “There is no minister or permanent Secretary representation here. It does not tell well of the ministry. They should appear here on Tuesday, May,l 21st, 2024 unfailingly.

“We are giving them the concession not to appear on Monday, May 20, 2024, due to the Federal Executive Council meeting FEC”

Gaza said the Investigative hearing was to find out why there is an arbitrary increase in the price of cement in the country.

He stated that any increase in the price of cement and other building materials has a multiplier effect on the nation’s economy adding that the investigation was to find out those who are behind the most recent hike in prices.

While declaring open the event, Speaker Tajudeen Abbas said the persistent rise in the price of cement and other building materials was unacceptable.

Represented by the deputy speaker, Hon.Benjamin Kalu, the speaker said, “The hearing arises from the House of Representatives’ deep concern for the people it represents and the need for transparent engagement with key stakeholders in the cement industry, particularly the manufacturers”.

He said “Our goal is to inform Nigerians about the industry’s current state and collaboratively find solutions to navigate the challenges.

“The persistent rise in cement prices has had a detrimental impact not only on the built environment but also on the entire economy. Cement is a
fundamental component used in construction projects like bridges, dams, houses, waterworks, and road infrastructure. This makes addressing this issue paramount.

“As you all know, it is self-evident that we have a huge housing deficit presently in Nigeria. According to a study by researchers at the African
Development Bank in the ‘Housing Market Dynamics in Africa’ book, there is a housing deficit of up to 16.9 million units. According to the World Bank, Lagos, Ibadan, Kano, and Abuja, have a 20 per cent rise in housing needs yearly.

“The current total output in the formal housing sector is estimated at no more than 100,000 units. Bridging this gap requires affordable and accessible cement prices for both the government and the private sector.

While factors like exchange rates have contributed to the price increases across various commodities, it is encouraging to see the positive results of the “Renewed Hope” administration’s policies under the leadership of His Excellency, Bola Ahmed Tinubu.

“The House is actively working to establish appropriate legislation that promotes and encourages industrialisation, as well as supports small and medium enterprises. We are committed to collaborating with both cement manufacturers and end-users, believing this is the most effective way to improve the quality of life and standard of living for our citizens”.

READ ALSO
JUST IN: Dangote refinery slashes petrol prices by N15 nationwide
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria — The Dangote Petroleum Refinery recently announced a reduction in the pump pri...

READ ALSO
Sanwo-Olu Advocates for Innovation, Accountability in Economic Policies
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria - Lagos State Governor Babajide Sanwo-Olu has stated that Nigeria must hasten its pro...

READ ALSO
CBN's Rigid Monetary Policies Threaten Nigeria's Industrialization Efforts
BY Abiodun Saheed Omodara May 22, 2025 0

With the Central Bank of Nigeria (CBN) keeping the benchmark interest rate at 27.5 percent, local ma...

READ ALSO
FG to Auction 753 Housing Units Recovered from Ex-CBN Governor Emefiele
BY Abiodun Saheed Omodara May 20, 2025 0

ABUJA, Nigeria - The Federal Government has declared its intention to sell 753 housing units that we...

READ ALSO
CBN Holds Interest Rate Steady at 27.50% Amid Inflation Concerns and Economic Recovery Efforts
BY Abiodun Saheed Omodara May 20, 2025 0

ABUJA, Nigeria — The Central Bank of Nigeria (CBN) has once again held its benchmark inte...

READ ALSO
CBN Stresses Commitment to Protecting Financial Interests of Nigerians
BY Abiodun Saheed Omodara May 20, 2025 0

The Central Bank of Nigeria (CBN) has assured the public, depositors, and stakeholders that the Nige...

READ ALSO
Australia's Central Bank Cuts Interest Rate to 3.85% Amid Global Tariff Uncertainty
BY Abiodun Saheed Omodara May 20, 2025 0

On Tuesday, Australia’s central bank reduced its main interest rate to its lowest level in two...

READ ALSO
Fuel Prices: Dangote Refinery Credits Naira-for-Crude Initiative for Economic Relief
BY Abiodun Saheed Omodara May 20, 2025 0

The Dangote Petroleum Refinery has announced that the naira-for-crude arrangement enabled it to lowe...

OUR CHANNELS:

NNPCL Empowers 531 NYSC Members with Financial Support and Starter Packs
BY Abiodun Saheed Omodara May 24, 2025 0

The Nigeria National Petroleum Company Limited has provided financial assistance of N531,000 each to...


University of Lagos Addresses NELFund Loan Reimbursement Concerns
BY Abiodun Saheed Omodara May 24, 2025 0

The University of Lagos has refuted online claims regarding the delay in the reimbursement of NELFun...


Nigerian Man Sentenced to 27 Months for $1 Million Insurance Fraud
BY Abiodun Saheed Omodara May 24, 2025 0

A 37-year-old Nigerian named Henry Ezeonyido has been sentenced to 27 months in prison by a United S...


INEC Launches AI Division to Enhance Electoral Processes, Address Challenges
BY Abiodun Saheed Omodara May 24, 2025 0

ABUJA, Nigeria - The Independent National Electoral Commission (INEC) has sanctioned the establishme...


APC Governors Unite to Endorse President Tinubu as 2027 Consensus Candidate
BY Abiodun Saheed Omodara May 24, 2025 0

Governors affiliated with the ruling All Progressives Congress have unanimously backed President Bol...


JUST IN: Tinubu Inaugurates New NNPC Board, Welcomes Fresh Leadership
BY Abiodun Saheed Omodara May 24, 2025 0

ABUJA, Nigeria - President Bola Tinubu has officially inaugurated the board and management of the Ni...


JUST IN: Dangote refinery slashes petrol prices by N15 nationwide
BY Abiodun Saheed Omodara May 24, 2025 0

LAGOS, Nigeria — The Dangote Petroleum Refinery recently announced a reduction in the pump pri...


LASG Allocates N1.6Bn to Support Vulnerable Residents in 2025
BY Abiodun Saheed Omodara May 24, 2025 0

LAGOS, Nigeria - Dedicated to alleviating the challenges faced by underprivileged residents of Lagos...


Sanwo-Olu Advocates for Innovation, Accountability in Economic Policies
BY Abiodun Saheed Omodara May 24, 2025 0

LAGOS, Nigeria - Lagos State Governor Babajide Sanwo-Olu has stated that Nigeria must hasten its pro...


FG advocate for BASA agreement between Nigeria, Italy
BY Abiodun Saheed Omodara May 24, 2025 0

The federal government (FG) has emphasised the importance of reviving the Bilateral Air Services Agr...


More Articles

Load more...

Menu