Alhaji Abdul-Samad Rabiu, Chairman of the BUA Group
BUA boss meets Tinubu, plans to crash cement price to N3,500
BUA Cement Plc has revealed plans to reduce the price of cement in Nigeria from the current N5,500 to between N3,000 and N3,500.
The company’s Chairman, Abdulsamad Rabiu, disclosed this to Journalists after an audience with President Bola Tinubu at the State House, Abuja.
Rabiu said the price crash is part of his company’s contribution to supporting the efforts of the Federal Government to stabilise the prices of essential commodities.
However, this would only follow the opening of two new plants of 3 million tons operating capacity each to be commissioned at the end of the year.
Rabiu said “Let me thank his excellency Mr. President for graciously receiving me today, I came to intimate his excellency on the affairs of our cement business.
READ ALSO:
“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, 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.”
He said the company could only do this because it is producing cement locally.
“Eighty per cent of the raw materials that we are using to produce cement in Nigeria are mainly limestone and gypsum and of course, energy is part of it. Of course, we have gas in Nigeria.
“So we want to support the government, we want to support their efforts in ensuring that the prices of these commodities are brought down incidentally.’’
He revealed that the two new plants to be inaugurated by Tinubu later in 2023 would increase production capacity to 17 million metric tons.
Lagos Summons DisCos, Regulators Over Persistent Power Outages, Seeks 24-Hour Electricity By Newstrends Correspondent…
‘My History Is Traceable’: Atiku Fires Back at Tinubu Over University Funding Former Vice-President Atiku…
Job Seeker Steals Bugatti CEO’s £2m Car After Finding Keys Inside A man who reportedly…
Netanyahu Faces Political Setback as Israeli President Picks Rival to Form Government Israeli President Isaac…
2027: Tinubu Challenges Atiku to Explain How He Financed University President Bola Ahmed Tinubu has…
Afenifere Crisis: ‘There Is Only One Afenifere’, Secretary Insists Amid Breakup Allegations The General Secretary…