Price of cement reportedly surges to N15,000 per bag

A 50 kilograms bag of cement in the Federal Capital Territory has surged to between N10,000 and N15,000, Daily Post is reporting.

A market survey conducted on Friday by Daily Post in Gwarimpa, Area 10, Kubwa, Lugbe and Dawaki showed that a 50kg bag of Dangote cement is N10,000 and other competitors’ cement stood at N15,000.

A retailer in Gwarimpa, Yinka Adebayo, said that the price of Dangote cement is N10,000 while that of another competitor is N15,000. He said he sold a bag of cement for N6,000 in January 2023. “We sell Dangote cement at N10,000 per bag, and another is N15,000. Unfortunately, it will surprise you that I sold the same bag of cement, N5,500 to N6000, last month,” he said.

Similarly, Rukiyat Abdullahi, a retailer in Kubwa, said Dangote cement is sold for N10,200 while another brand goes for N16,000. “Dangote is now N10,200 while its competitors go for N16,000 per bag”, she told DAILY POST on Friday. At Lugbe, the retailers confirmed to Daily Post that Dangote and other cement prices are N10,000 and N15,000, respectively.

Meanwhile, Minister of Housing and Urban Development, Arc. Musa Dangiwa decried the astronomical rise in the price of cement and other building materials across the country. He said the price hike was unacceptable and insisted the fluctuation in the exchange rate of the dollar could not be blamed

It would be recalled that for more than five months, the Cement Producers Association of Nigeria cautioned that the Federal Government’s plan to introduce concrete roads could increase cement prices to N9,000 per bag. The development comes amid a continued soar in Nigeria’s inflation. The National Bureau of Statistics, in its Consumer Price Index report for January, said inflation to 29.90%.