The price of a 50-kilogram bag of cement has surged to between N10,000 and N15,000 in the Federal Capital Territory, a significant increase from previous months. A market survey conducted by Media Talk Africa in areas including Gwarimpa, Area 10, Kubwa, Lugbe, and Dawaki revealed that Dangote cement is being sold for N10,000, while BUA cement is priced at N15,000.
Yinka Adebayo, a retailer in Gwarimpa, expressed dismay at the steep increase, noting that Dangote cement was being sold at N10,000 per bag, up from N5,500 to N6,000 just a month ago. Similarly, Rukiyat Abdullahi, a retailer in Kubwa, stated that the price of Dangote cement had risen to N10,200, with BUA now priced at N16,000 per bag. At Lugbe, retailers confirmed the prices of Dangote and BUA cement at N10,000 and N15,000, respectively.
Amidst this surge, Minister of Housing and Urban Development, Arc. Musa Dangiwa, expressed concern over the astronomical rise in cement prices and other building materials across the country. He emphasized that blaming the fluctuation in the dollar exchange rate for the price hike was unacceptable.
This dramatic price surge has occurred despite warnings from the Cement Producers Association of Nigeria that the government’s initiative to introduce concrete roads could lead to an increase in cement prices to N9,000 per bag for over five months. These developments are unfolding against the backdrop of Nigeria’s inflation continuing to soar, with the National Bureau of Statistics reporting a 29.90% inflation rate in January.
The significant spike in cement prices is poised to have widespread implications for construction and infrastructure development in Nigeria, adding to the country’s economic challenges.
