BUA Cement Plc Chairman, Abdul Samad Rabiu has promised to crash the price of cement in Nigeria to as low as N3,000 by January.
Rabiu made the disclosure in a video shared on BUA’s official X handle seen by Africahousingnews.
The BUA Chairman said he has made the necessary arrangement and has received the support of President Bola Ahmed Tinubu to initiate the price crash.
Dangote Cement Plc, BUA Cement and Lafarge Africa Plc are the country’s biggest cement manufacturers but prices of cement in Nigeria are between N5,000 to N5,500 per 50kg bag.
This has been largely criticized by labour unions- the Nigerian Labour Congresthe the the the s and public affairs analysts in the country.
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Rabiu said, “I came to intimate his Excellency (President Bola Tinubu) on the affairs of our cement business. We have two new lines of 3 million tons each that will be commissioned by the end of the year. I came to explain to him the effort that we are making in trying to support the efforts of the government in bringing down the price of cement.
With these six million tons that we are commissioning by the end of the year or January next year, BUA Cement will be producing about 17 million tons 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.
“We can only do that because we are producing these cements locally. 80 per cent of the raw materials in Nigeria are mainly limestone and gypsum and of course, energy is part of it and we have gas in Nigeria.”
The BUA Chairman said his company wants to support the government to crash the prices of cement. He said he has agreed to meet the Minister of Works David Umahi on the matter.
“What we are going to do is by the time we commission these lines; we are going to announce to Nigerians that the price of cement will come down and hopefully we are going to bring it down between N3,000 to N3,500 per bag.”