Dangote/BUA Cement Price Update for Today 16th February 2024

In an unexpected twist, the cost of cement in the Federal Capital Territory has experienced a substantial upswing, causing concerns among consumers and stakeholders in the construction sector. As reported on February 16, 2024, by DAILY POST, a 50-kilogram bag of cement is currently priced between N10,000 and N15,000.

A recent market survey conducted in Gwarimpa, Area 10, Kubwa, Lugbe, and Dawaki unveiled the heightened prices of the two major cement brands, Dangote and BUA. The survey indicates that a 50kg bag of Dangote cement is presently valued at N10,000, while BUA cement commands a higher rate at N15,000.

Retailers in Gwarimpa expressed their apprehensions regarding the notable price increase, with Yinka Adebayo highlighting that the same bag of cement was sold for as low as N5,500 to N6,000 just last month. This surge signifies a considerable leap from the N6,000 price reported in January 2023, underscoring the severity of the prevailing market conditions. CONTINUE READING.....

Similarly, retailers in Kubwa and Lugbe corroborated the escalating prices, with Dangote cement now priced at N10,200 and BUA at N16,000. The situation has prompted reactions from consumers and industry players alike, casting a spotlight on the challenges faced by the construction sector.

Arc. Musa Dangiwa, the Minister of Housing and Urban Development, expressed dismay at the substantial rise in cement prices and other building materials across the nation. 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 follows the earlier caution from the Cement Producers Association of Nigeria, warning 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 woes faced by the construction industry amid a prolonged period of elevated inflation in Nigeria. CONTINUE READING.....

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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