CEMENT Price Changes Again; NO MORE N7000 Per 50kg? SEE Current Amount Dangote, BUA And Other Sells This Week
The House of Representatives has summoned the leading cement manufacturers in response to the recent surge in cement prices across the country. These manufacturers are required to present themselves before the entire House to explain the reasons behind the perceived arbitrary price increases.
The motion to summon the cement manufacturers was introduced by Mr. Gbefwi, who highlighted several key points to support his argument. He began by emphasizing that there is no justifiable reason for the price hikes. Mr. Gbefwi noted that most of the raw materials used in cement production, such as lime, silica, alumina, iron oxide, and gypsum, are sourced locally and thus not impacted by fluctuations in exchange rates. He underscored that these inputs are readily available within the country, and their costs have remained stable over time. This stability, he argued, should ideally result in stable cement prices rather than the significant increases currently being witnessed.
According to Mr. Gbefwi, the components involved in the cement production process are all procured domestically and have remained relatively stable over the years, without any significant year- on- year changes. He asserted that the entire production flow chart for cement manufacturing, from raw material extraction to final processing, relies on resources and conditions that have not experienced drastic changes. Therefore, he contended, the substantial price hikes are unwarranted and appear to be an intentional move by the manufacturers rather than a response to genuine economic pressures.
In conclusion, the decision to summon the major cement manufacturers to explain the recent price hikes is a crucial step in addressing an issue that affects a wide range of stakeholders, from individual consumers to large- scale construction projects. By bringing this matter to the forefront, the House of Representatives is taking proactive measures to ensure economic stability and protect the interests of the nation’ s citizens. The outcome of this process will likely have far- reaching implications for the cement industry and beyond, highlighting the need for responsible corporate practices and effective government oversight.
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