The Federal Competition and Consumer Protection Commission has commenced an investigation into the recent increase in cement prices across the country, raising concerns that the development may be linked to possible market manipulation.

The commission said it was examining the factors responsible for the sharp rise in cement prices and would determine whether any manufacturers, distributors or other market participants had engaged in practices that violated competition laws.

The FCCPC explained that the investigation became necessary following reports of significant variations in cement prices and concerns over the impact of the increases on consumers and the construction industry.

The commission stated that it was gathering information from relevant stakeholders across the cement value chain to establish the reasons behind the price surge.

It noted that the investigation would examine pricing patterns, production costs, supply conditions and other factors that could have contributed to the increase.

The FCCPC warned businesses against engaging in conduct capable of restricting competition, manipulating prices or exploiting consumers.

It stressed that companies operating in the cement sector must comply with the country’s competition and consumer protection regulations.

The commission also urged consumers and other stakeholders with relevant information about suspected anti-competitive practices to provide such information to the appropriate authorities.

It assured the public that anyone found to have breached existing laws would face the necessary sanctions.

The FCCPC said the investigation was aimed at protecting consumers, promoting fair competition and ensuring that developments in the cement market were driven by legitimate economic factors rather than unlawful practices.

It further reaffirmed its commitment to monitoring the market and taking appropriate action whenever businesses engage in practices that undermine competition or negatively affect Nigerian consumers.