Chairman of BUA Group, AbdulSamad Rabiu, has revealed his company’s intentions to lower the price of cement in Nigeria.
Rabiu cited the move as a part of their commitment to supporting the federal government’s efforts to alleviate the financial burden on the Nigerian population.
Addressing State House correspondents after a meeting with President Bola Tinubu, the businessman stated, “I came to intimate His Excellency on the affairs of our cement business.
“We have two new lines of three million tonnes each that we will be commissioned by the end of the year. So I came to intimate His Excellency and also to explain to him the efforts we’re making in trying to support again the efforts of the government in bringing down the price of cement.”
Rabiu further elaborated on the expansion plans, stating that the new cement plants would boost BUA Cement’s total capacity to 17 million metric tonnes.
He remarked, “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 N5,000 or N5,500 per bag to maybe N3,000 to N3,500 per bag.”
Highlighting the role of local production in this endeavour, Rabiu added, “We can only do that because we’re producing cement locally — 80% of the raw materials that we’re using to produce cement are in Nigeria.
“We want to support the government’s efforts in ensuring that the price of these commodities are brought down.”
The chairman of BUA Group concluded by mentioning that the official announcement regarding the reduced cement prices would be made when the new plants are commissioned.
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