Latest Update On New Cement Price Increase On 16th February 2024

In a surprising turn of events, the price of cement in the Federal Capital Territory has witnessed a significant surge, causing concern among consumers and stakeholders in the construction industry. As reported by DAILY POST on February 16, 2024, a 50-kilogram bag of cement is now priced between N10,000 and N15,000.

A market survey conducted in various areas including Gwarimpa, Area 10, Kubwa, Lugbe, and Dawaki revealed that the two major cement brands, Dangote and BUA, are now being sold at elevated prices. According to the findings, a 50kg bag of Dangote cement is currently priced at N10,000, while BUA cement commands a higher rate at N15,000.

Retailers interviewed in Gwarimpa expressed their concerns over the drastic price increase, with Yinka Adebayo stating that the same bag of cement was sold for as low as N5,500 to N6,000 just last month. This surge represents a significant jump from the N6,000 price tag reported in January 2023, reflecting the severity of the current market conditions.

Similarly, retailers in Kubwa and Lugbe confirmed the escalating prices, with Dangote cement priced at N10,200 and BUA at N16,000. The situation has raised alarms among consumers and industry players alike, prompting reactions from various quarters.

READ ALSO: Black Market Dollar to Naira Exchange Rate Soars on 16th February 2024

Arc. Musa Dangiwa, the Minister of Housing and Urban Development, expressed his dismay at the astronomical rise in cement prices and other building materials across the country. He deemed the price hike unacceptable and dismissed the notion that fluctuations in the exchange rate of the dollar were solely responsible for the surge.

This development comes after the Cement Producers Association of Nigeria had previously cautioned that the Federal Government’s plan to introduce concrete roads could lead to an increase in cement prices to N9,000 per bag. The current surge in cement prices adds to the challenges faced by the construction industry amid a prolonged period of high inflation in Nigeria.

As the nation grapples with economic uncertainties, stakeholders are closely monitoring the situation, and the call for intervention to stabilize cement prices has become more urgent than ever.

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