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) is investigating possible manipulation of cement prices in Nigeria, according to preliminary findings from a three-month study. The investigation, prompted by widespread complaints about the high cost of cement, compares Nigeria's market with those of Kenya, Tanzania, South Africa, Egypt, Morocco, Algeria and Togo.
The FCCPC found that Nigeria's cement prices had risen despite the country's substantial production capacity and limestone deposits. In Kenya, a 50kg bag of cement retailed for about $5.40, while in Tanzania and Togo, the price was significantly lower at $4.80 and $6.75 respectively. The commission stated that despite Nigeria's excess capacity, domestic cement prices had continued to rise, raising questions about why this production capacity hasn't resulted in lower prices.
The FCCPC is examining factors such as energy costs, depreciation of the naira, imported machinery, transportation and logistics costs. The investigation will determine whether these factors or other anti-competitive practices are driving the prices.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
