JUST IN: Cement cheaper in Kenya, Togo than Nigeria — FCCPC probe
The FCCPC is investigating possible manipulation of cement prices in Nigeria after finding it’s cheaper in Kenya and Togo despite local production capacity Read More: https://punchng.com/just-in-cement-cheaper-in-kenya-togo-than-nigeria-fccpc-probe/
The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria has launched an investigation into potential anti-competitive practices in the country's cement market, following a three-month study that revealed cement prices in Kenya, Togo, and other African nations are significantly lower than in Nigeria. Despite Nigeria having substantial limestone deposits and a production capacity of 60-65 million metric tonnes annually, domestic cement prices have risen, with a 50kg bag going from N9,300 to N15,000 between January and July.
The FCCPC's findings suggest that the higher prices in Nigeria cannot be fully explained by market conditions, leading to the cross-border study of cement markets in countries with similar production capacities and consumer demands.
Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
