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Cement Prices Drop by 22-26% in Federal Capital Territory Within Five Weeks.

Cement Prices Drop by 22-26% in Federal Capital Territory Within Five Weeks.

Recent market surveys conducted by EPRODITY across various locations in the Federal Capital Territory revealed a significant decrease in the prices of cement. According to the surveys conducted in areas like Jabi, Area 10, Kubwa, Lugbe, Utako, Lifecamp, and Gwarimpa, both Dangote and BUA cement prices plummeted to N7,800 and N11,000 per 50kg bag, respectively. This marks a notable decline from the previous prices of N10,000 and N15,000 observed on February 16, 2024.

Retailers in different locations corroborated the price reductions. Rukiyat Abdullahi, a retailer in Kubwa, confirmed the drop to N7,800 for Dangote and N11,000 for BUA cement. Similarly, Yinka Adebayo, a retailer in Gwarimpa, noted the decrease compared to prices a month ago, with Dangote cement now selling at N7,800 and BUA at N11,000 per bag.

Consistent price reductions were also observed in other areas such as Jabi, Utako, Area 10, and Lifecamp, where EPRODITY cement retail outlets recorded prices of N7,800 and N11,000 per 50kg bag.

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Reacting to this development, Dr. Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, attributed the price reduction to an improved macroeconomic environment, including enhancements in the supply chain and the Naira’s appreciation against the US dollar in the foreign exchange market.

It’s noteworthy that President Bola Ahmed Tinubu previously urged cement manufacturers to revert to the old prices amidst these changes.

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