Bags of cement
* Summons Dangote, BUA, Lafarge, Ashaka, others
By Jon Egie
The price of cement in Nigeria is higher than those of India, Kenya and Zambia.
“A review of cement prices in other countries like Kenya, India and Zambia for 2021 alone showed that Nigeria had the highest price of cement using the official exchange rates for each country.
The joint committee of the House of Representatives investigating the surge in the prices of cement disclosed this and has given a 14-day ultimatum to BUA, Lafarge Ashaka, Dangote Cement, and other cement manufacturers to appear before it and make their submissions on the hike in the prices of the product.
The committee expressed concerns over the hike in the prices of cement in Africa’s most populous nation, compared to other countries.
Jonathan Gaza Gefwi, chairman of the joint committee, lamented the disparity in prices when compared to countries like Kenya and Zambia.
He said Nigeria’s price of cement was higher than that of India by 69 percent, Kenya by 29 percent Zambia by 39 percen
“There’s a need for us to come together and find ways of bringing succour to our citizens while protecting investors alike”, Gefwi said.
The committee had in March summoned Dangote Cement plc, BUA, Ibeto and others to appear before it at its investigative hearing, but all the companies failed to appear for the hearing scheduled for Tuesday, May 7.
Gefwi berated the companies for shunning the invitation, describing the action as insensitive to the plight of Nigerians. The committee, therefore, issued a 14-day ultimatum to the cement manufacturers to appear before it for the hearing.
The committee also summoned Dele Alake, the minister of solid minerals development, to appear before it on Tuesday, May 21, while Dangote, BUA, IBETO and others are to appear on Monday, May 20, 2024.
Credit: BusinessDay
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