According to a recent report by Nationnewslead, the price of cement has decreased by 22% to 26% per 50kg bag in the Federal Capital Territory over the past five weeks.
A market survey conducted on Thursday by Dailypost in various areas including Jabi, Area 10, Kubwa, Lugbe, Utako, Lifecamp, and Gwarimpa revealed that both Dangote and BUA cement prices have reduced to N7,800 and N11,000 per 50kg bag respectively, down from N10,000 and N15,000 on February 16, 2024.
Rukiyat Abdullahi, a retailer in Kubwa, confirmed the price drop, stating, “Dangote now sells at N7,800 while BUA is priced at N11,000 per bag, down from N10,000 and N15,000 previously.”
Similarly, Yinka Adebayo, a retailer in Gwarimpa, noted the decline, saying, “We sell Dangote cement at N7,800 per bag while BUA is priced at N11,000, down from N10,000 and N15,000 a month ago.”
The reduced prices of N7,800 and N11,000 per 50kg bag were also observed in Jabi, Utako, Area 10, and Lifecamp when journalists approached cement retail outlets.
In response to the trend, Dr. Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, attributed the price reduction to an improved macroeconomic environment, stating, “It results from an improved supply chain and macroeconomic factors such as the Naira’s appreciation against the US dollar in the foreign exchange market.”
