Business
House Committee Investigates Cement Price Hikes, Demands Cost Justification from Major Producers
The Joint Committee of the House of Representatives has launched an investigation into the significant rise in cement prices across Nigeria.
Major cement producers, including Dangote Cement Company and Lafarge Africa PLC, have been requested to submit comprehensive documentation that outlines their production costs in an effort to justify the current market prices.
The committee, led by Chairman Rep. Jonathan Gaza (APC-Nasarawa), has resolved to conduct visits to the production facilities of these companies after examining their financial records.
The goal of these visits is to better understand the cost structure of cement production and determine a fair and justifiable price for consumers across Nigeria.
During a public hearing held in Abuja on Friday, Rep. Gaza articulated the committee’s concerns regarding the steep increase in cement prices, which have exceeded N10,000 in several regions.
He specified that the companies are required to provide detailed data on their daily consumption of essential raw materials, including coal, gas, gypsum, limestone, clay, and laterite, as well as their average daily cement production figures from 2020 to the present.
In addition, the committee has requested detailed information on both imported and local components used in cement production, including their costs in naira and dollars.
The companies must also provide a summary of monthly prices and quantities of cement produced from 2019 onward, along with their audited financial statements, bills of lading, and customs duties paid during the reviewed period.
Furthermore, the companies are required to disclose any tax waivers or incentives they have received and provide details of contracts related to gas and explosives.
Rep. Dabo Ismail (APC-Bauchi State), a member of the committee, raised concerns about the profitability of Dangote Cement Company, despite the company sourcing most of its raw materials locally.
He highlighted that the company reported significant profits—N524 billion in 2022, N553 billion in 2023, and N166.4 billion in 2024—while questioning why the price of cement continues to climb, thereby causing financial strain for many Nigerians.
In response to these concerns, Dangote Cement Company’s Group Managing Director, Mr. Arvind Pathack, provided an explanation that 95 percent of their production costs are tied to imported materials or foreign exchange rates.
He pointed out that there has been a dramatic increase of 100 to 333 percent in the cost of major inputs such as gas, AGO, gypsum, imported coal, spare parts, new trucks, and tires.
Pathack also highlighted the challenges posed by logistical issues, such as deteriorating road conditions that increase delivery times and maintenance costs for trucks.
He noted that the company faces significant foreign exchange losses—amounting to N150 billion annually—due to insufficient support from the Central Bank of Nigeria (CBN), as well as high-interest rates on loans.
Pathack further explained that while the company sells cement at an average price of N7,200, higher prices reported in the market, sometimes exceeding N10,000, are attributable to retailer markups rather than the company’s pricing.
He compared cement prices in Nigeria with those in other African countries, indicating that Nigeria’s prices are relatively lower in comparison.
The committee urged the cement companies to review their policies and operations with the aim of reducing cement prices across the country. Chairman Rep. Gaza expressed optimism that the investigation would lead to a reduction in prices.
He criticized the Federal Competition and Consumer Protection Commission (FCCPC) for its perceived inaction, attributing the high cement prices to the commission’s failure to address the issue effectively. The committee’s engagement is expected to lead to more transparency and potentially lower prices for consumers.
Business
Netflix vs. Amazon: Which Streaming Platform Is The Best Choice For You?
In the era of digital entertainment, two giants, Netflix and Amazon Prime, dominate the streaming world.
Both platforms offer an extensive library of movies, TV shows, and original content, but each has its unique features, advantages, and drawbacks.
As streaming services become an integral part of how we consume content, many viewers are left wondering: which one is the better choice?
In this article, we’ll explore the characteristics, pros, and cons of both platforms and compare them to help you decide which service suits you better.
Netflix
Netflix, launched in 2007, has become synonymous with streaming, this platform offers a vast catalogue of movies, TV shows, documentaries, and acclaimed original content.
With hit series like “Stranger Things”, “The Crown”, “Squid Game”, and many more, Netflix has owned the role as the leader in the entertainment space and is known for going the extra mile in delivering quality programs and TV shows with its original programming.
Pros of Netflix
1. Original Content and Exclusives
Netflix is widely regarded for its impressive lineup of original content.
Hit shows like “House of Cards”, “The Witcher”, and “Money Heist” have not only attracted global audiences but also earned critical acclaim for being good at their work.
Netflix invests heavily in creating unique content across various genres, which keeps subscribers engaged and coming back for more.
2. User Interface
The user interface of Netflix is simple, intuitive, and highly personalized. Its algorithm recommends shows based on your viewing history, making it easy to find new content you’ll likely enjoy.
The “Continue Watching” feature and seamless playback add to the overall user experience.
3. Wide Range of International Content
Netflix’s catalogue includes an extensive collection of international content, offering films and series from different countries and cultures.
For example, “Dark” from Germany, “Squid Game” from South Korea and “Sacred Games” from India have gained massive global followings, making Netflix a platform for global entertainment.
4. High-Quality Streaming
This streaming app offers exceptional streaming quality, with support for 4K, HDR, and Dolby Vision for supported content. This makes it ideal for those who prioritize the best visual and audio experience.
Cons of Netflix
1. Price Increases
Netflix’s subscription prices have been steadily rising over the years, and while it offers multiple plans, some users feel the value has decreased, especially as competition has increased.
The lack of a free plan and the limitations on simultaneous streaming on lower-tier plans can be a drawback for some users.
2. Content Licensing
One of the downsides of Netflix is its licensing agreements. Titles come and go from the platform, leaving users frustrated when shows or movies they enjoy are removed without warning.
This can make Netflix feel more like a temporary solution than a long-term streaming platform.
3. Limited Live Content
Unlike Amazon Prime, Netflix does not offer live content, such as live sports or news.
While this isn’t a huge deal for some, it does limit the service’s appeal for viewers who want a more diverse range of content.
Amazon prime
Amazon Prime Video, launched in 2006, offers a more diverse experience as part of the Amazon Prime membership, which includes other perks like free shipping, exclusive deals, and access to music.
This platform has a large library of popular films, series, and originals such as “The Boys”, “Jack Ryan”, and “The Marvelous Mrs. Maisel”.
However, unlike Netflix, it demands users to rent or buy movies and shows that are not included with the subscription.
Pros of Amazon Prime Video
1. Cost-Effective
When compared to Netflix, Amazon Prime Video offers a better deal for those who are already subscribed to Amazon Prime, which provides additional benefits like free shipping, Amazon Music, and exclusive access to Prime Day deals.
The cost of Amazon Prime is often seen as more economical when considering all the perks included.
2. Varied Content Selection
Amazon Prime Video has a mix of original content, popular movies, TV shows, and licensed content from various studios.
It also allows users to rent or purchase movies that aren’t available in the subscription library, which offers a broader range of viewing options.
3. More Device Compatibility
Prime Video is compatible with a wider range of devices compared to Netflix.
Whether you’re watching on your TV, mobile, tablet, or using a set-top box, Amazon Prime Video can be accessed on many more devices.
4. Live Sports and Events
Amazon Prime has recently made a push into live-streaming sports, delivering exclusive coverage of events like NFL Thursday Night Football and the ATP tennis tour.
This makes it an appealing option for sports fans who want live content alongside their entertainment.
Cons of Amazon Prime Video
1. Less Original Content
While Amazon Prime Video has some standout originals, such as “The Boys” and “The Marvelous Mrs. Maisel”, its library of original content is generally not as expansive or as high-profile as Netflix’s.
The lack of a deep catalogue of exclusives can be a disadvantage for those looking for constant, fresh content.
2. Cluttered User Interface
The user interface on Amazon Prime Video is often criticized for being cluttered and less intuitive than Netflix’s streamlined design.
The presence of ads for rental and purchase options can also disrupt the user experience, which makes it hard to navigate and discover content.
3. Inconsistent Content Availability
Amazon Prime Video offers a wide range of content, but much of it is only available for rent or purchase, requiring an additional payment beyond the subscription fee.
This can be frustrating for viewers looking for a truly all-inclusive experience.
Is Netflix Better than Amazon Prime Video?
For those who are primarily interested in a service with a strong focus on original content, Netflix is the clear winner.
Netflix’s commitment to producing a wide variety of high-quality original series and films, from dramas to comedies to documentaries, makes it the go-to platform for exclusive content.
Its global reach and large user base also ensure that there’s always something new to watch.
Netflix also excels in providing a seamless user experience.
The personalized recommendations, clean interface, and ability to stream across multiple devices make it a highly convenient choice for many viewers.
Additionally, its high-quality streaming options, including 4K and Dolby Vision support, provide a premium viewing experience.
Is Amazon Prime Video Better than Netflix
Amazon Prime Video shines in terms of value for money.
With a single subscription to Amazon Prime, users gain access to more than just streaming content—there are perks like free two-day shipping, exclusive discounts, and access to other services like Amazon Music.
For anyone who already uses Amazon’s online shopping service, Prime Video offers an excellent bonus.
Additionally, Amazon Prime’s content variety is hard to beat.
Not only does it offer an extensive library of movies and TV shows, but it also allows users to rent or purchase films and series, which gives them access to content not available in the subscription.
For those who enjoy watching live sports or events, Amazon’s exclusive sports coverage makes it a compelling option.
The Ultimate Streaming Service
In the battle between Netflix and Amazon Prime Video, the better option largely depends on your personal preferences.
If you’re a fan of original, high-quality content and an excellent user experience, Netflix is the way to go.
It’s ideal for those who are looking for a continuous stream of fresh and exclusive shows and movies.
On the other hand, if you’re seeking a more budget-friendly option that offers additional perks, or if you’re someone who enjoys watching a wide variety of movies and live sports, Amazon Prime Video might be the better choice.
Ultimately, both services have their merits, and it’s hard to go wrong with either—whether you’re in it for the originals, the variety, or the extra perks.
It’s all about what fits best with your viewing habits and lifestyle.
Business
Bitcoin Jumps 10% as Trump Promises U.S. to Help Crypto’s Growth
Bitcoin increases with 10% and crypto-related stocks see gains, due to Donald Trump’s stance and win in the 2024 presidential election. Trump also promises to improve bitcoin with a new strategy and the markets now boost with this promise.
Trump was once considered a scam for accepting bitcoin and there was doubt about the finance but has now made a positive impact on bitcoin and gathered investors. Crypto now has a huge boost with prices soaring and investors taking interest in this.
Business
Lagos Port Welcomes the Largest Container Vessel Ever to Nigerian Port
The Lagos Port Complex in Apapa welcomes the largest container vessel ever to the Nigerian port with a capacity of 7000 TEUs. This events marks as a milestone for Nigeria and shows the growth in the country’s trade. The vessel, operated by COSCO Shipping, measures 272 meters in length and is expected to enhance the port’s efficiency.
The terminal operator at the APM Terminal states that this achievement will strengthen Nigeria’s import and export abilities and serves as a good reputation. This event has expanded the presence of Nigeria’s port and can start to make positive changes in the economic state of the country.
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