Nigeria Concerns Mount as Abuja Witnesses Sharp Spike, Cement Prices Reach N15,000

In a recent market survey conducted by DAILY POST, the price of a 50-kilogram bag of cement in the Federal Capital Territory has seen an alarming surge, ranging between N10,000 and N15,000.

Various locations such as Gwarimpa, Kubwa, Lugbe, and Dawaki reported Dangote cement priced at N10,000, while competitors' offerings stood at N15,000. Retailers expressed their dismay over the sudden spike, with some noting a significant increase from N6,000 per bag just last month.

This surge has triggered concerns among consumers and industry experts alike, raising questions about the impact on construction projects and the broader economy. Minister of Housing and Urban Development, Arc. Musa Dangiwa, decried the price hike, emphasizing its unacceptability and dismissing the notion that exchange rate fluctuations were solely responsible.

The development occurs against the backdrop of a persistent rise in Nigeria's inflation, reaching 29.90 percent according to the National Bureau of Statistics' Consumer Price Index report for January.