CPPE Criticizes Parliamentarians’ Remarks on Cement Price Hikes, Impacting Investors Negatively

In a statement issued on Sunday, the Centre for the Promotion of Private Enterprise (CPPE) expressed concerns over recent comments made by members of the House of Representatives directed at cement manufacturers regarding price increases, citing adverse effects on investment in the sector.

Dr. Muda Yusuf, Director of CPPE, highlighted this issue.

During a session last Wednesday, the House, in a motion led by Gaza Gbefwi and Ademorin Kuye titled ‘Arbitrary Increase in the Price of Cement by Manufacturers of Cement in Nigeria,’ accused cement producers of a 50% price surge. Subsequently, the House decided to summon major cement manufacturers operating in the country.

However, CPPE criticized this move as unjust towards investors and counterproductive.

CPPE pointed out that the remarks made by the Rep members were encouraging public resentment towards cement manufacturers and jeopardizing their significant investments.

The economic think tank group appealed to legislators to choose their words carefully so as not to negatively impact investors in the economy.

“The Centre for the Promotion of Private Enterprise, CPPE, expresses deep concern over recent statements made in the parliament concerning cement prices, which painted cement manufacturers in a negative light. Members accused the manufacturers of exploitation through arbitrary price adjustments. Some members even labeled the manufacturers as lacking patriotism. These narratives on the parliament floor, without hearing the manufacturers’ side, are deemed unfair to investors in the cement industry.

“Many of the statements during the session had the potential to incite the public against cement manufacturers and endanger their substantial investments. This is highly risky given their immense stake in the Nigerian economy and significant contributions to its growth.

“We urge the House leadership to exercise caution in their language to prevent adverse repercussions for investors in the future,” CPPE emphasized.