END OF MONOPOLY? Senate Takes Another Explosive Action Against Dangote, BUA; SEE What Tinubu Was Told To Do
The Senate has voted to instigate an inquiry into the escalating cost of cement and other key building materials. Simultaneously, an appeal was made to the federal government to authorize the importation of cement as a provisional solution to alleviate the surging prices. This development was reported by Naija News, which also revealed that the Senate’s Committee on Industries X the leadership of Senator Francis Fadahunsi (APC, Osun East), has tasked to scrutinize the operations of the cement manufacturing industries across the nation. Their objective is to ascertain whether the steep rise in cement prices is the consequence of market manipulation or the result of monopolistic practices.
In addition, the committee has been directed to ensure that the cement manufacturing companies abide by fair market practices and avoid engaging in anti-competitive pricing, which could further distress the already strained market. This decision was reached following a motion presented by Senate Deputy Leader Senator Oyelola Ashiru (APC, Kwara South) titled, “Need to urgently address the increase in cement prices and other building materials in Nigeria.
Senator Ashiru, under Order 42 on Personal Explanation, emphasized the essential role of cement and other building materials in the progression of the nation’s economy. He further argued about the critical importance of the construction industry in the development and expansion of the country’s infrastructure. Senator Ashiru expressed his concern over the negative impact of the consistent and steep increase in the price of cement, which he said occurs almost daily. He pointed out that this trend has significantly hampered many national development projects.
In January 2024, the price of essential building supplies like cement and iron rods was around N5, 500 per bag and N8, 500, respectively. However, these prices have now skyrocketed to approximately N14, 000 for cement and N17, 000 for iron rods, which is causing financial strain for many Nigerians.
Senator Ashiru pointed out the adverse effect of this sudden and sharp increase in prices on critical infrastructure, housing, and constituency projects throughout the country. He expressed his concern that the inexplicable surge in prices, especially given that cement raw materials are sourced entirely locally, is
baffling and concerning for the public.
He concluded by stressing the urgency of addressing the issue, saying, ” Recognizing that affordable cement and other building materials are indispensable to national development, addressing the issue in time will be advantageous to the construction industry. It will ensure the progress of constituency projects, strengthen national security by providing jobs and stability, and improve the livelihood of Nigerians generally.”
The Senate’s move to probe the hike in cement and building materials prices is a step towards restoring price stability in the market and ensuring the smooth progress of the country’s development projects. The outcomes of this investigation will be keenly awaited by Nigerians who have been grappling with the escalated costs of building materials. The hope is that this move will bring about a necessary change in the pricing dynamics, thereby enhancing the country’s economic and infrastructural growth.
(NaijaNews)
