In the Federal Capital Territory, the price of a 50kg bag of cement has seen a notable decrease ranging between 22% to 26% over the past five weeks.
During a recent market survey conducted by NewsNow in areas like Jabi, Area 10, Kubwa, Lugbe, Utako, Lifecamp, and Gwarimpa, it was found that both Dangote and BUA cement prices have dropped to N7,800 and N11,000 per 50kg bag, down from N10,000 and N15,000 respectively on February 16, 2024.
Retailer Rukiyat Abdullahi from Kubwa mentioned to NewsNow that Dangote cement is now priced at N7,800, while BUA is selling at N11,000 per bag.
Yinka Adebayo, another retailer in Gwarimpa, also confirmed the price drop, stating, “We are now offering Dangote cement at N7,800 per bag and BUA at N11,000, down from the previous N10,000 and N15,000 just a few weeks back.”
In various other locations like Jabi, Utako, Area 10, and Lifecamp, cement was being sold at the reduced rates as well.
Addressing the situation, Dr. Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, attributed the price decrease to an improved macroeconomic environment and supply chain, including the Naira’s strength against the US dollar in the forex market.
It is also worth mentioning that President Bola Ahmed Tinubu had urged cement manufacturers to go back to the previous pricing structure.