BUA plans to reduce cement prices to N3,500 following meeting with Tinubu

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BUA plans to reduce cement prices to N3,500 following meeting with Tinubu
BUA plans to reduce cement prices to N3,500 following meeting with Tinubu

Abdul Samad Rabiu, the chairman of BUA Group, has revealed plans to decrease the cost of cement in Nigeria.

This initiative is part of BUA’s commitment to helping the federal government alleviate the financial burden on the Nigerian population.

During a meeting with President Bola Tinubu, Rabiu stated, “I came to intimate His Excellency on the affairs of our cement business.”

He further explained that BUA is set to commission two new production lines, each with a capacity of three million tonnes, by the year’s end.

BUA plans to commission two cement production lines

Rabiu emphasized that these developments are aimed at supporting the government’s efforts to reduce cement prices.

He shared that President Tinubu has agreed to commission the new plants in December or early January of the following year.

The expansion of BUA Cement’s capacity to 17 million metric tonnes through these new lines will play a crucial role in achieving the goal of lowering cement prices.

Rabiu expressed the intention to reduce prices from the current range of N5,000 to N5,500 per bag to approximately N3,000 to N3,500 per bag.

He stressed that this reduction is feasible due to the local production of cement, with 80% of the raw materials sourced within Nigeria.

The final announcement of the reduced cement prices will be made upon the commissioning of the new plants.