The Federal Competition and Consumer Protection Commission has said its preliminary investigation into Nigeria’s cement industry suggests possible manipulation of cement prices, following widespread complaints over the soaring cost of the commodity despite the country’s large production capacity and abundant limestone deposits.

It has also opened an investigation into possible price manipulation in Nigeria’s cement industry after a three-month inquiry raised concerns that prevailing market conditions may not fully explain the cost of the building material.

The preliminary findings followed a cross-border study conducted by the commission’s Anticompetitive Practices Department in response to widespread complaints over the rising cost of cement.

In a statement issued on Tuesday by the FCCPC Director of Corporate Affairs, Ondaje Ijagwu, the commission said its investigation compared Nigeria’s cement market with those of Kenya, Tanzania, South Africa, Egypt, Morocco, Algeria and Togo.

An analysis of findings in the FCCPC report showed that the cost of cement in Nigeria is higher than the prices of the same quantity of the commodity in neighbouring African countries.

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