FCCPC uncovers cement price manipulation in Nigeria
The regulator said prices rose from N9,300 to as high as N15,000 in some areas as it reviews records from major producers.
- On Tuesday, the Federal Competition and Consumer Protection Commission announced it uncovered possible cement price manipulation following a three-month investigation by its Anticompetitive Practices Department .
- Executive Vice Chairman Tunji Bello stated the investigation follows widespread complaints regarding cement costs, noting that rising prices impact housing, commercial property development, and public infrastructure.
- The FCCPC's cross-border study of markets including Kenya, Tanzania, and Togo revealed Nigeria's prices were comparatively higher, despite Nigeria maintaining installed capacity of more than 60 to 65 million metric tonnes annually.
- A 50kg bag of cement rose from between N9,300 and N9,700 in January to N13,000 and N15,000 by July, while all major manufacturers except one cooperated by providing records for the inquiry.
- The commission expects companies to provide pricing methods, production levels, and export data; Nigeria maintains surplus capacity and exports cement to Ghana, Cameroon, and Niger, raising questions about price justification.
11 Articles
11 Articles
Cement costs more in Nigeria than Kenya, Tanzania as FCCPC probes pricing
The regulator says preliminary findings from a three-month investigation have raised questions over whether the sharp increase in cement prices is fully explained by production and distribution costs. The post Cement costs more in Nigeria than Kenya, Tanzania as FCCPC probes pricing appeared first on Premium Times Nigeria.
FCCPC uncovers cement price manipulation in Nigeria
The Federal Competition and Consumer Protection Commission, FCCPC, says an industry-wide investigation it recently conducted suggested possible manipulation of prices of cement in the Nigerian market. The commission disclosed this in a statement issued on Tuesday by its Director of Corporate Affairs, Ondaje Ijagwu. The statement said the development followed a three-month cross-border study, which was conducted by the commission’s Anticompetitiv…
Cement price: FCCPC uncovers possible manipulation after 3-month probe
The Federal Competition and Consumer Protection Commission (FCCPC) says it has uncovered possible manipulation of cement prices in the Nigerian market following a three-month industry-wide investigation. The post Cement price: FCCPC uncovers possible manipulation after 3-month probe appeared first on Vanguard News.
Cement Prices In Africa: Report Shows Nigeria Produces More Cement Than It Consumes
The Federal Competition and Consumer Protection Commission (FCCPC) has claimed that Nigeria presently produces more cement than it consumes. The commission asserted this in... The post Cement Prices In Africa: Report Shows Nigeria Produces More Cement Than It Consumes appeared first on Naija News.
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