In response to the escalating costs of cement, the House of Representatives has pledged to enact legislation to curb the excessive price hikes.
During a public hearing in Abuja on Tuesday, Speaker of the House Tajudeen Abass made the commitment, emphasizing the need to address the relentless increase in cement prices in Nigeria.
The objective of the public hearing was to provide insight to Nigerians on the ongoing developments in the sector and potentially derive solutions to mitigate the situation.
Expressing concern over the detrimental effects of the exorbitant cement prices on both the construction industry and the economy at large, Speaker Abass underscored the urgency in stabilizing the prices for accessibility.
Highlighting the staggering housing deficit in Nigeria, exceeding 3 million units, Abass stressed that affordable cement prices are crucial for the government and private sector to bridge this significant gap.
Assuring proactive efforts from the parliament to enact beneficial legislation that supports industrial growth and fosters small and medium enterprises, Abass reiterated the commitment to collaborating with manufacturers and end-users for mutual benefit.
Furthermore, the speaker emphasized the importance of implementing effective laws to regulate and prevent the excessive practices that have led to the current situation.
Prior to this, Chairman of the Committee on Solid Minerals, Jonathan Gaza, clarified that the public hearing aimed to identify sustainable solutions within the construction sector, rather than target specific entities.
Citing comparisons of cement prices in countries like Kenya, India, and Zambia in 2021, the committee revealed that Nigeria had the highest cement prices based on the official exchange rates of each nation.