The price of cement decreased between 22 per cent and 26 per cent for a 50kg bag in the Federal Capital Territory within the last five weeks.
A market survey conducted on Thursday by DAILY POST in Jabi, Area 10, Kubwa, Lugbe, Utako, Lifecamp and Gwarimpa showed the price of Dangote and BUA cement dropped to N7,800 and N11,000 per 50kg bag from 10,000 and N15,000 on February 16, 2024.
Rukiyat Abdullahi, a retailer in Kubwa, told DAILY POST that the price has dropped to N7800 for Dangote while BUA is traded at N11,000 per bag.
“Dangote is now N7,800 while BUA is N11,000 per bag from N10,000 and 15,000 it was sold weeks ago”.
Similarly, at Gwarimpa, a retailer, Yinka Adebayo, confirmed that the cement price has dropped compared to what it was sold weeks ago.
“We sell Dangote cement at N7800 per bag while BUA is N11,000 from 10,000 and 15,000; it was sold a month ago”, he told DAILY POST.
Cement was also sold at N7,800 and N11,000 per 50kg in Jabi, Utako, Area 10, and Lifecamp when DAILY POST cement retail outlets.
Reacting to the development, the Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the price reduction comes as a result of an improved macroeconomic environment.
“It results from improved supply chain and macroeconomic environment such as the Naira appreciation against the US dollar at the foreign exchange market”, he said.
DAILY POST recalls President Bola Ahmed Tinubu had asked cement manufacturers to revert to the old price.