In a notable development, the price of cement has witnessed a remarkable decline of between 22% and 26% per 50kg bag in the Federal Capital Territory over the past five weeks.

A recent market survey conducted across various districts including Jabi, Area 10, Kubwa, Lugbe, Utako, Lifecamp, and Gwarimpa revealed a substantial decrease in the prices of both Dangote and BUA cement brands. The prices have plummeted from N10,000 and N15,000 respectively to N7,800 and N11,000 per 50kg bag, marking a significant relief for consumers.

Rukiyat Abdullahi, a retailer in Kubwa, confirmed the downward trend, 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, echoed this sentiment, emphasizing that the current prices represent a noticeable reduction compared to previous weeks.

The trend was consistent across other districts such as Jabi, Utako, Area 10, and Lifecamp, where DAILY POST observed cement retail outlets selling at the revised prices of N7,800 and N11,000 per 50kg bag.

Commenting on the significant price drop, Dr. Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, attributed it to an improved macroeconomic environment and supply chain dynamics. He noted, “It results from improved supply chain and macroeconomic environment such as the Naira appreciation against the US dollar at the foreign exchange market.”

This development comes amidst earlier calls by President Bola Ahmed Tinubu urging cement manufacturers to revert to previous price levels, reflecting ongoing efforts to ensure affordability and accessibility of essential commodities in the market.

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