The Federal Competition and Consumer Protection Commission (FCCPC) says preliminary findings from its investigation into Nigeria’s cement industry suggest possible price manipulation.
The commission said its findings were contained in a 40-page field report produced after a three-month cross-border study by its anticompetitive practices department (ACP).
According to TheCable, the investigation followed widespread complaints over the high cost of cement, a key material in Nigeria’s construction industry.
Ondaje Ijagwu, director of corporate affairs at the FCCPC, disclosed the development in a statement on Tuesday.
The commission said the preliminary findings point to possible manipulation of cement prices in the market.
The investigation is part of the FCCPC’s efforts to examine competition and pricing practices within the cement industry.
The commission is yet to disclose further details of the report or identify companies that may have been involved.
TheCable reports that more findings are expected as the FCCPC continues its investigation.