In these times of economic turmoil, a crucial issue concerns stakeholders in the construction sector in Nigeria: the dizzying increase in the prices of cement and other construction materials. This concern was recently brought to the attention of the Nigerian Senate by Senator Lola Ashiru, the right-hand woman of the assembly.
During the parliamentary session, Sen. Lola Ashiru highlighted the paramount importance of the construction industry for infrastructure development in Nigeria. He alerted his colleagues to the disastrous impact of the incessant increase in cement prices on development efforts across the country.
Focusing on the reasons for the price hike, the senator asked the Senate to direct its Industries Committee to conduct a thorough investigation into the activities of cement manufacturing industries in Nigeria. The objective is to identify the factors responsible for this price increase and to ensure that companies respect fair commercial practices, without engaging in anti-competitive practices.
The stakes are high, because cement and other construction materials are essential to the completion of construction projects, whether public infrastructure or housing. With prices rising from 5,500 to 14,000 Naira per bag of cement in a few months, the situation has become critical and threatens the stability of many construction sites.
It is also important to note that the raw materials used in the manufacturing of cement are entirely locally sourced, making the sudden rise in prices even more incredible. Faced with this worrying situation, acting quickly to restore affordable prices for cement and other construction materials is vital for national development.
In conclusion, resolving this cement price crisis is not only an urgent necessity for the construction industry, but also an imperative to ensure the smooth continuation of development and infrastructure projects in Nigeria.