The House of Representatives Joint Committee, tasked with investigating the abrupt surge in cement prices in Nigeria, highlights that the cost of cement in Nigeria exceeds that of India and several other African nations.
The House initiated the investigation on March 13, 2024, in response to a motion co-sponsored by Gaza Gbefwi (SDP, Nasarawa) and Ademorin Kuye (APC, Lagos).
On February 13, the Federal Government and cement manufacturers agreed to set the price of a 50kg bag of cement between N7,000 and N8,000.
During the public hearing held on Tuesday, May 7, in Abuja by the House Joint Committee, Gaza Gbefwi, the Chairman of the House Committee on Solid Minerals, stated, “Our findings revealed that the price of cement in Nigeria is 69 percent higher than in India, 39 percent higher than in Zambia, and 29 percent higher than in Kenya, considering the official exchange rate.”
