The Joint Committee of the House of Representatives investigating the arbitrary increase in cement prices has issued a final summons to the Cement Manufacturers’ Association of Nigeria (CMAN) after the association failed to honor its invitation for a second time.
The committee, expressing disappointment in CMAN, criticized the association for not doing enough to protect consumers in accordance with its Establishment Act. Despite CMAN obtaining a court injunction, the committee remains undeterred and is pushing forward with its investigation.
Chairman of the Joint Committee, Jonathan Gaza, issued the final warning to CMAN and other key stakeholders during the resumption of the investigative hearing on Monday at the National Assembly.
The sudden and significant hike in cement prices over the past six months has raised concerns among Nigerians. The price of a 50kg bag of cement, which was around N5,000 until December last year, has soared by over 100% earlier this year, prompting government intervention.
In February, cement manufacturers agreed to reduce the price to between N7,000 and N8,000 per 50kg bag, depending on the location. However, the price of this essential construction material remains high, contributing to increased housing costs and rents.
