Toba Owojaiye Reporting
Abdul-Samad Rabiu, the Chairman of BUA Group, has announced the company’s plan to lower the price of cement in Nigeria. This revelation came during a meeting with State House correspondents after his discussion with President Bola Tinubu.
Rabiu expressed BUA Group’s commitment to support the government’s efforts to reduce cement prices by revealing their intention to establish two new cement plants, slated for the end of this year or early next year. These new plants, to be inaugurated by Tinubu, will increase BUA Cement’s total production capacity to 17 million metric tons.
With this significant capacity boost, Rabiu envisages that BUA Group will be able to bring down the price of cement to approximately 3,500 Nigerian naira per bag. He extended his gratitude to President Tinubu for receiving him and outlined their plans for the cement business.
Rabiu stated, “By the time these lines are commissioned, BUA Cement will be producing about 17 million tonnes per annum. And with that, we intend to bring down the price of cement from its current level of N5000 or N5500 per bag to maybe N3000 to N3500 per bag.” He emphasized that this price reduction is feasible because a substantial portion of the raw materials for cement production is sourced locally in Nigeria.
Furthermore, Rabiu mentioned his meeting with Honorable Minister David Umahi during his audience with President Tinubu. They agreed to collaborate on the initiative, and upon the completion of the two new cement lines, they intend to announce to the Nigerian public that cement prices will be lowered.
In summary, BUA Group, under the leadership of Abdul-Samad Rabiu, plans to contribute to the government’s objective of reducing cement prices in Nigeria by expanding its production capacity and thereby offering more affordable cement to consumers.