Nigeria's House to Probe Rising Building Material Costs

The House of Representatives, led by Speaker Abass Tajudeen, plans to form an ad hoc committee to investigate the increasing costs of building materials in Nigeria. This decision follows a motion by Oboku Ofori, who highlighted the unjustified rise in prices, such as cement increasing from N5,000 to N12,000 per 50kg bag and steel prices rising by 20%.

The committee will examine anti-competitive practices and supply chain inefficiencies that have led to these price hikes. The Federal Ministry of Urban Development, the Federal Ministry of Trade and Investment, and the Federal Competition and Consumer Protection Commission (FCCPC) are expected to be involved in the investigation.

The current housing deficit in Nigeria is estimated at 15.2 million units, with experts suggesting that the high costs of building materials are a significant barrier to addressing this issue. The FCCPC is urged to investigate profit levels in the cement industry to mitigate the impact of middlemen on prices.