FCCPC Investigates Cement Price Manipulation in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) has initiated an investigation into Nigeria's cement industry, suggesting possible price manipulation following a three-month inquiry. The investigation was prompted by widespread complaints regarding the rising costs of cement, despite Nigeria's significant production capacity and abundant limestone deposits.

The FCCPC's preliminary findings, shared by Director of Corporate Affairs Ondaje Ijagwu, indicate that cement prices in Nigeria are higher than in neighboring African countries such as Kenya, Tanzania, South Africa, Egypt, Morocco, Algeria, and Togo. The study revealed that a 50kg bag of cement, which sold for between N9,300 and N9,700 in January, increased to between N10,500 and N15,000 by mid-year.

The FCCPC noted that Nigeria has an installed cement production capacity of 60 to 65 million metric tonnes annually, while domestic consumption ranges from 25 to 30 million metric tonnes. Despite being a net exporter, domestic prices continue to rise.