The Joint Committee of the House of Representatives is investigating the sudden surge in cement prices, summoning major producers like Dangote Cement Company and Lafarge Africa PLC to justify the current market price.
Chairman Rep. Jonathan Gaza (APC-Nasarawa) led the committee in demanding detailed documents on production costs, including raw materials, fuel, and other expenses, to determine a fair price for Nigerians.
The committee seeks to uncover the cost of production from 2020 to date, which has driven the price of cement above N10,000 in many areas. Companies must provide information on daily consumption of raw materials, production levels, imported components, and local costs in naira and dollars.
Rep. Dabo Ismail (APC-Bauchi State) noted that Dangote Cement Company has made significant profits despite sourcing materials locally, questioning the continuous price rise. Dangote Cement’s MD, Arvind Pathack, attributed the increase to foreign exchange-linked costs, rising input material prices, logistics issues, and forex losses.
The committee urged companies to review policies and reduce prices, hoping for a price reduction. Chairman Gaza blamed the Federal Competition and Consumer Protection Commission (FCCPC) for inaction, leading to high prices.
