Cement Prices Witness Significant Decline in Abuja
Over the past five weeks, the price of cement has experienced a notable decrease ranging between 22% and 26% for a 50kg bag in the Federal Capital Territory.
A recent market survey conducted by Torizone in various areas including Jabi, Area 10, Kubwa, Lugbe, Utako, Lifecamp, and Gwarimpa revealed that both Dangote and BUA cement are now priced at N7,800 and N11,000 per 50kg bag, respectively. This marks a reduction from the previous prices of N10,000 and N15,000 recorded on February 16, 2024.
Retailers in different parts of Abuja confirmed the decrease in prices, with some citing Dangote cement selling for N7,800 and BUA at N11,000 per bag.
According to Dr. Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, this price reduction can be attributed to improvements in the supply chain and the macroeconomic environment, including the appreciation of the Naira against the US dollar in the foreign exchange market.
It's worth noting that President Bola Ahmed Tinubu had previously urged cement manufacturers to revert to the old price, which may have also influenced the recent adjustments in prices.
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