Cement Prices Tumble By Up To 26% After Tinubu’s Directive As Dangote Cement Dropped To N7800—-The Genius Media Nigeria reports that reports that the price of cement in the Federal Capital Territory has decreased between 22 and 26 percent for a 50kg bag within the last five weeks, providing relief to consumers in the region.
This development comes after President Bola Tinubu directed cement manufacturers to revert to the old price.
According to a market survey in Jabi, Area 10, Kubwa, Lugbe, Utako, Lifecamp, and Gwarimpa, the price of Dangote cement dropped to N7,800 per 50kg bag from the previous N10,000, while BUA cement is now sold at N11,000, down from N15,000.
Rukiyat Abdullahi, a retailer in Kubwa, confirmed the price reduction, stating, “Dangote is now N7,800 while BUA is N11,000 per bag from N10,000 and 15,000 it was sold weeks ago.”
Similarly, Yinka Adebayo, a retailer in Gwarimpa, corroborated the price drop. “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 said.
Reacting to the development, Dr. Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, attributed the price reduction to 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,” Yusuf explained.
The significant decrease in cement prices is expected to provide relief to consumers and the construction industry, which has been grappling with soaring costs in recent months.
