Nigerian govt summons Dangote, BUA, others over high cost of cement
The Federal Competition and Consumer Protection Commission (FCCPC) says it has issued a summons to major cement manufacturers in the country as part of probes in the industry to determine why the retail price of the product is way higher than what obtains in other Africans countries. Three companies account for more than 90 per […] The post Nigerian govt summons Dangote, BUA, others over high…
The Federal Competition and Consumer Protection Commission (FCCPC) has summoned major cement producers in Nigeria, including Dangote Cement Plc, HMB Nigeria Plc, and BUA Cement Plc, as part of an investigation into the high cost of cement in the local market. These three companies account for more than 90% of Nigeria's cement production.
The FCCPC initiated this probe after conducting a three-month cross-border study to determine if there is price manipulation in the Nigerian market. The investigation extended to neighboring African countries like Kenya, Tanzania, and South Africa, as well as Egypt, Morocco, and Algeria. The FCCPC's Executive Vice Chairman and CEO, Mr. Tunji Bello, stated that cement prices in Nigeria are significantly higher than in other African markets, despite the country's abundant limestone deposits, significant domestic production capacity, and surplus installed capacity relative to domestic consumption.
The FCCPC is seeking information and records related to the companies' pricing methodologies, production and capacity utilization, exports, and commercial relationships.
Written by urgent.news from Ripples Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
