• Monday, May 27, 2024
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Nigeria’s cement price 69% higher than India’s – Reps raise alarm

Nigeria’s cement price 69% higher than India’s – Reps raise alarm

The House of Representatives Joint Committee investigating the hike in cement prices in Nigeria has again raised concerns over the comparatively high cost of cement, noting a 69% difference compared to prices in India.

Jonathan Gaza Gefwi, chairman of the joint Committee also expressed dismay at the disparity in prices when compared to other African nations such as Kenya and Zambia, while highlighting an analysis of cement prices in 2021 which revealed Nigeria’s cement price as the highest among most countries studied.

“Nigeria’s price of cement doubles that of India at a difference of 69%, similarly the price is 29% higher than that in Kenya and 39% higher in Zambia. Hence the need for us to come together and find out why. To bring succour to our citizens while protecting investors alike”, he said.

“A review of cement prices in other countries like Kenya, India and Zambia for 2021 alone showed that Nigeria had the highest price of cement using the official exchange rates for each country” he added.

…summons, Alake, Dangote BUA again

The Committee had in March summoned Dangote Cement Plc, BUA, Ibeto and others to appear before it at its investigative hearing, but the companies failed to appear for the hearing scheduled for Tuesday, May 7.

Gefwi, berated the companies for shunning the invitation, describing the action as a show of insensitivity to the plight of Nigerians.

The Committee consequently gave Dangote Cement, BUA, IBETO and other stakeholders a 14-day Ultimatum to appear for its hearing.

The Committee asked Dele Alake, the minister of solid minerals development to appear Tuesday, May 21 while Dangote, BUA, IBETO and others are to appear on Monday, May 20, 2024.