Reps summon Dangote, BUA, Lafarge, others over arbitrary cement price hike

The House of Representatives has issued a 14-day ultimatum to Dangote Cement, Bua Cement, Lafarge Cement, Asaka Cement, and Eagle Cement to appear before its joint committee and make their submissions on the arbitrary increment of cement prices in Nigeria.

Speaking about the non-appearance of all the cement manufacturers, Rep. Gbefwi said the House and National Assembly is not in receipt of any court order restraining them from inviting anybody for an investigation. So, as it is the resolution of this joint committee, we are giving them 14 days from now, and not 14 working days, but 14 effective days to make sure that they make their submissions and appear before this House.”

He said, “We are committed to collaborating with both cement manufacturers and end-users, believing this is the most effective way to improve the quality of life and standard of living for our citizens. We are also dedicated to enacting laws that prevent a recurrence of the factors that led to the current situation.

“While factors like exchange rates have contributed to the price increases across various commodities, it is encouraging to see the positive results of the “renewed hope” administration’s policies under the leadership of His Excellency, Bola Ahmed Tinubu. Notably, the naira has shown remarkable strength against the dollar in recent weeks, and Fitch Ratings, a global credit rating agency, recently revised Nigeria’s credit outlook to positive from stable,” he added.

“To close this gap, both the government and the private sector must be articulate and deliberate in putting the right policies and parameters in place that can help promote, induce, or encourage development.

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