Senate probes increase in cement prices, other building materials

Says FG should allow importation of cement as stop gap measure

The Senate Wednesday resolved to probe into the increase in cement prices and other building materials in the country with a view to finding a solution to the problem just as it urged the Federal Government to allow the importation of cement as a stop gap measure.

It consequently mandated the Senator Francis Fadahunsi, led Senate Committee on Industries to conduct an investigation into the activities of cement manufacturing industries operating within Nigeria in order to ascertain whether market manipulation or monopolistic practice are the reasons behind the price and report back in two weeks.

The red chamber also mandated the committee to ensure that cement manufacturing companies adhere strictly to fair market practice and desist from anti competitive prices.

Senate ‘s resolutions , were sequel to a a point of Order titled, “Need to urgently to address the increase in cement prices and other building materials in Nigeria “, raised by Senator Lola Ashiru, ( APC, Kwara South) .

Ashiru who came under Order 42 on Personal Explanation, said that the construction industry was vital for infrastructure development and economic growth heavily relies on cement and other building materials for its sustenance.

He expressed worry that the recent trend of an almost daily increase in the price of the product has severally hampered progress in various developmental endeavours across the country.

He added hat the sudden and stiff price increase is having a detrimental impact on critical infrastructure, housing and our own constituency projects across the country.

“Cognisant that affordable cement and other building are indispensable to national development, addressing the issue in time will be advantageous to the construction industry because it will ensure the progress of constituency project and strengthen national security by providing jobs and stability and improve the livelihood of Nigerians generally”, he said