The Centre for the Promotion of Private Enterprise [CPPE] has expressed concern over recent remarks made on the floor of the House of Representatives regarding cement prices, which portrayed cement manufacturers in a negative light.
Members of the Nigerian House of Representatives recently accused manufacturers of being exploitative by arbitrarily setting cement prices. Some members even went as far as calling the manufacturers unpatriotic.
In a statement, Dr. Muda Yusuf, CEO of CPPE, stated that the Centre finds the narratives presented on the floor of the house to be unfair to investors in the cement sector, especially since the perspectives of the manufacturers were not taken into account by the members of the house.
The statement emphasized the potential consequences of inciting the public against cement manufacturers, putting their significant investments at risk.
Dr. Yusuf urged the leadership of the house to use moderation in their language to prevent negative outcomes for investors in the economy.
It was noted that the legislators had not listened to the manufacturers before passing judgment and criticizing them.
Dr. Yusuf highlighted the unfairness of portraying cement manufacturers as intentionally causing harm to Nigerians by raising prices without proper evidence or understanding of the pricing dynamics.
CPPE believes that fairness dictates that cement manufacturers should be given the opportunity to present their side of the story before any conclusions are drawn.
The statement emphasized the importance of respecting investors in the economy, particularly indigenous companies that have made substantial contributions to job creation, tax revenue, and corporate social responsibility initiatives.
The CPPE appealed to the national assembly to treat investors with respect, civility, and fairness, acknowledging the critical role of the private sector in the economy.
The challenges faced by manufacturers, such as energy costs, logistics, exchange rate fluctuations, and inflation, were highlighted as factors beyond their control that impact production costs.
The statement called for a thorough investigation into pricing dynamics and regulatory compliance within the framework of the Federal Protection and Competition Act of 2018.
The Federal Competition and Consumer Protection Commission [FCCPC] was urged to ensure consumer protection and hold accountable any parties found to be engaging in anti-competitive practices.
In conclusion, the CPPE emphasized the need for a balanced and informed approach to addressing pricing issues in the cement industry, recognizing the complexities and external factors that influence production costs.
The statement reiterated the importance of fair treatment and due process for investors in the economy.
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