The Chairman of BUA Group, Abdul-Samad Rabiu, has announced plans to reduce cement price in Nigeria from the present N5,500 to between N3,000 and N3,500.
He stated this on Friday, September 15, at a meeting with President Bola Tinubu.
Rabiu outlined his firm’s strategy to support the government’s efforts to lower cement prices.
He said the BUA Group would inaugurate two new cement plants by the end of the year or early 2024 to flood the nation’s markets with the product.
These additions, he noted, would increase BUA Cement’s total production capacity to 17 million metric tons yearly.
“By the time these lines are commissioned, BUA Cement will produce about 17 million tonnes per annum. And with that, we intend to bring down the cement price from its current level of N5000 or N5500 per bag to maybe N3000 to N3500 per bag.”
Rabiu emphasized that BUA Group’s ability to produce locally, with 80 per cent of raw materials sourced in Nigeria, positioned his company to contribute to the government’s goal of reducing commodity prices.
He also mentioned plans to collaborate with Minister of Works, David Umahi, to make the price reduction a reality.