Nigeria’s Senate on Wednesday agreed to probe the increase in the prices of cement and other building materials in the country while urging the Federal Government to allow the importation of the commodity as a stop-gap measure.
The Red Chamber directed its Committee on Industries, chaired by Senator Francis Fadahunsi (APC, Osun East), to probe the activities of cement manufacturing industries operating within the country to ascertain whether market manipulation or monopolistic practices are the reasons behind the price hike.
The Senate also directed the committee to ensure that cement manufacturing companies adhere strictly to fair market practices and desist from anti-competitive prices.