Chairman of BUA Group, Abdul-Samad Rabiu, has assured the continuity of the current cement price at N3,500 per bag in 2024, despite unanticipated economic changes.
Rabiu affirmed this commitment while speaking to State House Correspondents following a meeting with President Bola Tinubu in Lagos on Thursday.
“The price we’ve established will remain at N3,500 per bag. This encompasses the ex-factory price inclusive of VAT and subsequent delivery to customers based on regional factors,” Rabiu explained.
He clarified that their factories in Edo and Sokoto states would influence delivery costs to various regions, thus influencing pricing variations, but emphasized the commitment to maintaining the stated price.
Expanding on future plans, Rabiu disclosed that the inauguration of the Sokoto cement company was scheduled for January 2024, aiming to broaden the market nationwide.
“We foresee an annual production capacity of approximately six million tonnes from these facilities, which we anticipate will significantly impact the market. Despite encountering challenges, we are actively addressing and resolving them,” Rabiu added.
Recall in September, BUA announced plans to reduce the price of cement in Nigeria from the present N5,500 to between N3,000 to N3,500. This, according to the cement company, is part of its contribution to bringing down the price of essential commodities in Nigeria.