The Chairman of BUA Cement, Abdul Samad Rabiu, has revealed his company’s plan to drastically reduce the price of their cement in Nigeria.
News About Nigeria gathered that the Company is aiming to bring down the cost of their 50kg bag of cement from the current price of ₦5,500 to a range between ₦3,000 and ₦3,500 per bag.
This announcement follows a meeting between Rabiu and President Bola Tinubu at the State House in Abuja on Friday, September 15, 2023.
Rabiu emphasized that the proposed reduction in cement prices is part of BUA Cement’s commitment to support the ongoing efforts of the Federal Government to stabilize the prices of essential commodities in Nigeria.
He clarified that the plan would become a reality after the commissioning of two new cement plants, each with a production capacity of 3 million tons, scheduled for the end of the year.
During the meeting with President Tinubu, Rabiu expressed his gratitude to the audience and explained the company’s intentions.
He said, “We have two new lines of 3 million tons each that we will be commissioning by the end of the year. So I explained to him that we want to support the efforts of the government in bringing down the cost of cement.”
Elaborating further, he said, “By the time these lines are commissioned, BUA Cement will be producing about 17 million tons per annum, and with that, we intend to bring down the cost of cement from its current level of N5,000 or N5,500 per bag to maybe N3,000 to N3,500 per bag.”
Rabiu also pointed out that BUA Cement’s ability to implement this price reduction is due to its local production of cement.