The House of Representatives’ Joint Committee is investigating the arbitrary increase in cement prices in the country.
The industry’s major manufacturers, notably Dangote Cement Company and Lafarge Africa PLC, have been mandated to provide paperwork explaining their production costs in order to justify the present cement market pricing.
The committee, chaired by Rep. Jonathan Gaza (APC-Nasarawa), decided to visit these firms’ manufacturing facilities after studying their financial records. The purpose is to calculate the cost of manufacturing and set a fair cement price for all Nigerians.
Gaza made the statement at a public hearing in Abuja on Friday. He noted that the committee is interested in the cost of manufacturing from 2020 to the present, since cement prices have risen beyond N10,000 in several regions of the nation.
He said the enterprises have been asked to give precise information on their average daily use of coal, gas, gypsum, limestone, clay and laterite, as well as their average daily cement output from 2020 to the present.
He further stated that they must disclose information on all imported components for cement manufacture, including pricing, as well as domestic components and expenses in both naira and dollars.
The firms must also submit a summary of monthly cement pricing and quantities produced from 2019 to the present, as well as their audited accounts, bills of lading, and customs taxes paid throughout the examined period.
They should also reveal any tax breaks or other incentives they got, as well as contracts for gas and explosives.
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cc: Daily Post Ng
