Tinubu’s Administration Working to Stabilise Forex Market – BUA

Chairman of BUA Group, Abdulsamad Rabiu, has expressed the need for patience in the face of foreign exchange market volatility as he believes that President Tinubu’s administration is diligently working to achieve stability.

Speaking with State House correspondents,in Abuja, Rabiu emphasised that while the decisions made by the government, such as unifying the Naira’s foreign exchange windows and removing subsidies, might be challenging, they were necessary for the country’s long-term economic sustainability.

He noted that the forex market has already begun showing signs of improvement, with the exchange rate in the black market gradually decreasing.

Rabiu acknowledged the uncertainties and panic surrounding the reforms but assured the public that things were gradually settling, and exchange rates were expected to continue their descent.

He also highlighted the abundance of resources in Nigeria and the potential for sectors like mining and agriculture to flourish, given the country’s vast land, population, climate, and water resources.

Rabiu called on all Nigerians to support President Tinubu in delivering on his promises and rebuilding the nation.

He emphasised that achieving stability and prosperity in Nigeria required collective effort and support for the government. As a business owner and Nigerian citizen, he shared his desire to see a stable and prosperous Nigeria and urged all citizens to work together to realise this goal.

On BUA’s promise to slash cement prices, he said “it is actually taking effect. The price of cement from BUA Group has been reduced from N4,500 to N3,500 per bag. As a matter of fact, I just discussed the issue of cement with His Excellency, Mr President.

“We have two lines that we’ll be commissioning, God willing, by the end of the year. Mr President has agreed to come and commission one of the lines in Sokoto in January, God willing and with that we’ll have additional volumes and once that happens, the price of cement will go down, lower than what it is we have across the country and we’re ready to do that, we’re ready to support,”, he said.

On why he was at the Villa, Rabiu said he came to congratulate President Tinubu on his recent victory at the Supreme Court, saying that the ruling had laid all the uncertainties about the presidential election to rest.