The House of Representatives has pledged to implement legislation to address the excessive increase in cement prices.
Speaker Tajudeen Abass made this announcement during a public hearing in Abuja, where the investigation into the rising cost of cement in Nigeria was being conducted.
The purpose of the hearing was to inform Nigerians about the situation in the sector and potentially come up with resolutions to navigate through it.
The Speaker expressed concern over the negative impact of the high cost of cement on both the construction sector and the economy as a whole.
Read Also: Tinubu to Launch House of Reps Retreat on Economic and Tax Reforms on Tuesday
He emphasized that with a housing deficit of over 3 million in Nigeria, affordable cement prices are crucial for the government and private sector to bridge this gap.
The parliament is actively working on enacting legislation that promotes and supports industrialization, as well as small and medium enterprises.
The Speaker assured manufacturers and end users that they are open to collaboration and cooperation, believing that this is the most effective way to improve the quality of life and standard of living for citizens.
The House of Representatives is determined to put in place the necessary laws to prevent the avoidable excesses that have led to the current situation.
The Chairman of the Committee on Solid Minerals, Jonathan Gaza, emphasized that the public hearing was not intended to be a witch-hunt, but rather an open discussion to find lasting solutions within the built environment.
The committee’s review of cement prices in other countries, such as Kenya, India, and Zambia, revealed that Nigeria has the highest price of cement when using the official exchange rates for each country.
This highlights the urgency of addressing the issue and finding ways to make cement more affordable in Nigeria.
