The cost of cement has seen a significant decrease of 22% to 26% for a 50kg bag in the Federal Capital Territory over the past five weeks. A recent market survey conducted by Media Talk Africa in various areas such as Jabi, Kubwa, Lugbe, Utako, Lifecamp, and Gwarimpa revealed that the prices of Dangote and BUA cement have dropped to N7,800 and N11,000 per bag respectively, down from N10,000 and N15,000 on February 16, 2024.

Rukiyat Abdullahi, a retailer in Kubwa, noted that the price of Dangote cement has decreased to N7,800 per bag, while BUA is now being sold at N11,000 per bag. Similarly, Yinka Adebayo, a retailer in Gwarimpa, confirmed the price drop, stating that they now sell Dangote cement at N7,800 per bag and BUA at N11,000 per bag, down from N10,000 and N15,000 a month ago.

In other areas such as Jabi, Utako, Area 10, and Lifecamp, cement was also being sold at N7,800 and N11,000 per 50kg bag at Media Talk Africa cement retail outlets. Dr. Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, attributed the price reduction to an improved macroeconomic environment, including a stronger supply chain and the Naira’s appreciation against the US dollar in the foreign exchange market.

This development comes after President Bola Ahmed Tinubu urged cement manufacturers to return to the previous lower prices. The decrease in cement prices is a welcome relief for consumers and is a positive sign of economic improvement in the region.