Senate on Wednesday resolved to probe the increase in the prices of cement and other building materials in the country just as it urged the federal government to allow the importation of the commodity as a stop gap measure.

Consequently, the Red Chamber directed its Committee on Industries chaired by Senator Francis Fadahunsi (APC Osun East) to conduct an investigation into the cement manufacturing Industries operating within the country in order to ascertain whether market manipulation or monopolistic practice are reason for the hike.

It also mandated the committee to ensure that cement manufacturing company adhere strictly to fair market practices and desist from anti-competitive prices.

“These resolution followed a motion, titled: “Need to urgently address the increase in cement prices and other building materials in Nigeria”, sponsored by the Senate Deputy leader, Senator, Oyelola Ashiru (APC, Kwara South) during plenary.

Senator Ashiru, who came under Order 42 on Personal Explanation, said that the construction industry was vital for infrastructural development and economic growth heavily relies on cement and other building materials for its sustenance.

He expressed worry that the recent trend of an almost daily increase in the price of the product has severely hampered progress in various developmental endeavours across the country.

The lawmaker said because key building materials particularly cement and iron rod prices are now sold at at prohibitive rates with cement and iron rod recently rising from N5,500 per bag in January 2024 to about N14,000 and N8,500 to N17,000 respectively.

Be expressed worry that the sudden and stiff price increase is having a detrimental impact on critical infrastructure, housing and our constituency project across segments.

-9News Nigeria.