2023: BUA boss plans to crash cement price after meeting Tinubu
The Chairman of BUA Group, Abdul-Samad Rabiu, says the company is set to reduce the price of cement in Nigeria.
Rabiu disclosed this on Friday while speaking with State House correspondents after meeting with President Bola Tinubu.
He said to support the efforts of government to crash the price of the product, the company would add two new plants at the end of the year or early next year.
According to him, the plants to be commissioned by Tinubu would bring BUA Cement’s total capacity to 17 million metric tons.
This, he said will enable the company to reduce the price of cement to about 3500 naira per bag.
He 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. We have two new lines of 3 million tonnes each that we will be commissioned by the end of the year.
“So 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 6 million tonnes that are commissioning by the end of the year. And 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. 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 N5000 or N5500 per bag to maybe N3000 to N3500 per bag.
Read Also: Development bank to disburse N150bn to MSMEs
“And 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’s efforts to ensure that the price of these commodities are brought down.
“Incidentally, I also saw the Honorable Minister David Umahi, when I was with His Excellency, Mr. President, and we agreed to meet so what we’re going to do is by the time we commission these two lines is to announce to Nigerians that the price of cement is going to come down.”