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The House of Representatives on Wednesday summoned Dangote, Bua and other cement manufactures in Nigeria over alleged arbitrary increase in the price of cement by manufacturer of cement in Nigeria.
The House also mandated its Committees on Solid Minerals Development, Commerce, Industry and Special Duties to investigate the arbitrary increase in the Price of Cement by Manufacturers of cement in the country.
The resolution was sequel to a motion moved by Hon. Gaza Jonathan Gbefwi, and Hon. Ademorin kuye during plenary in Abuja.
Moving the motion Gbefwi noted that the manufacturers of cement have increased the price of their products by up to 50%, leading to sharp hikes in building blocks, the cost of building, and consequently, the price of rent in the country.
He also noted that the raw materials for the manufacture of cement, which include lime, silica, alumina, iron oxide, and gypsum, are all sourced locally and not affected by exchange rate volatility.
He also explained that the factors of production and elements of the cement production flow chart are also sourced locally and have not changed significantly year on year.
He expressed concerns 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 significantly since last year.
He also said 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 Ahmed Tinubu’s administration’s effort to bring comfort to the populace and should be resolved immediately.
Also speaking on the motion, Yusuf Gagdi stated that despite all the interventions by the federal government to make business easy for cement manufacturers , the hike in price was not necessary.
Hon Babajimi Benson also speaking said “It has to do with production cost , let us have a sectoral debate , let us hear from them, lets invite the manufacturers with relevant committees to ask questions.
Hon Sada Soli also speaking on the matter called on the House to understand with the cement manufactures, adding that the cost of production is a major factor .
“Let us understand if it has to do with cost of production .They do not rely on national grid they generate their own power .let us be compassionate when it comes to issues of national economy . These people can withdraw their investments.
The committee is expected to report back within four (4)weeks for further legislative action.