Housing & Construction: BUA Group may reduce cement price to N3,500 per bag –Rabiu, Chairman

*Abdulsamad Rabiu, Founder and Chairman of BUA Group, in a meeting with President Bola Ahmed Tinubu, hints at his company’s intention to slash cement prices from about N5,500 to N3,500  to support the government’s effort at alleviating consumers’ suffering post-fuel subsidy removal in the housing and construction sector of the Nigerian economy 

Isola Moses | ConsumerConnect

In a move to support the Federal Government’s efforts at alleviating aftereffects of fuel subsidy on consumers, Alhaji Abdulsamad Rabiu, Founder and Chairman of BUA Group, has disclosed his company plans to reduce the price of cement in Nigeria.

BUA Group is a Nigerian conglomerate active in cement production, sugar refining and real estate in the economy.

Rabiu hinted at this development when he visited President Bola Ahmed Tinubu Friday, September 15, in the State House, Abuja, FCT.

ConsumerConnect reports the BUA Chairman told the State House Correspondents after meeting with President Tinubu, that the planned reduction is part of efforts at supporting the Federal Government’s quest to alleviate the suffering of Nigerians in the housing and construction sector of the economy.

Company to activate 2 new cement production lines 2023

Rabiu noted: “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.”

He also explained the reason for his visit, saying, “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.

“With this six million tonnes that are commissioning by the end of the year.”

Rabiu further stated: “By the way, His Excellency has agreed to come and commission the plants, sometime in December or early January next year.

“So, I explained to him and we want to support the efforts of the government in bringing down the price of cement.”

BUA Cement to increase total production capacity to 17m MT

Rabiu as well disclosed that the company’s new plants would increase BUA Cement’s total capacity to 17 million metric tonnes (MT).

“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,” said he.

The Founder of BUA Group further noted: “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 efforts in ensuring that the price of these commodities are brought down.”

He assured Nigerians, that  the company would announce the reduction of cement prices when the new plants are commissioned in the West African country.

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