FCCPC Probes Possible Manipulation of Cement Prices

The Federal Competition and Consumer Protection Commission has opened a further investigation into possible manipulation of cement prices in Nigeria after a three-month study found that the rising cost of the product may not be fully explained by prevailing market conditions. The commission said Nigeria has between 60 and 65 million metric tonnes of installed annual cement production capacity, while domestic consumption is estimated at 25 to 30 million tonnes. Despite the excess capacity and substantial limestone deposits, the price of a 50-kilogramme bag of cement rose from between N9,300 and N9,700 in January to as much as N15,000 in some parts of the country by July.

Written by News Room