Nigeria’s Senate has expressed deep concern over the skyrocketing price of cement across the country, further aggravating the already burdensome cost of living for the citizens. In response to this pressing issue, the Senate has mandated its Committee on Industries to conduct a thorough investigation into the causes behind this drastic price surge by cement producers in Nigeria.
During the plenary, Senator Lola Ashiru, representing Kwara South, brought forward a motion highlighting the alarming increase in cement prices, emphasizing the detrimental impact on construction projects and infrastructure development, both in the private and public sectors. The senator stressed that the exorbitant cost has resulted in numerous abandoned projects and posed a significant threat to employment opportunities for the youth.
Mr. Ashiru cautioned that failure to regulate cement prices could further exacerbate the already critical issue of youth unemployment and contribute to escalating security challenges. He asserted a direct correlation between high youth unemployment and increased crime rates, underscoring the urgent need for intervention.
The Senate President, Godswill Akpabio, directed the Senate Committee on Industries to seek viable solutions to address the surging cement prices and to ensure compliance with existing regulations by manufacturing companies in the country. This move aims to alleviate the economic strain on Nigerians and mitigate the adverse effects on construction projects and national security.
The motion garnered widespread support from the majority of the senators through a series of voice votes, prompting the Senate President to instruct the Committee on Industries, chaired by Senator Francis Fadahunsi, to thoroughly investigate the matter and present their findings within two weeks.
Notably, government officials have already taken steps to engage with cement manufacturers regarding the steep rise in cement prices. The Minister of Works, David Umahi, and the Minister of Trade and Investment, Doris Uzoka-Anite, held meetings with prominent cement industry representatives, including BUA Cement, Dangote Cement, Lafarge, and the Cement Producers Association, to address this critical concern.
Furthermore, the Minister of Housing and Urban Development, Ahmed Dangiwa, also convened a meeting with Cement and Building Materials Manufacturers to discuss the pressing issue of soaring cement prices, emphasizing the need for collaboration to seek remedies.
In light of the Senate’s decisive action and the engagement of key stakeholders, there is hope for meaningful interventions to stabilize cement prices, uphold regulatory standards, and alleviate the financial strain on Nigerians, thus fostering economic growth and national development.
