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Business News of Saturday, 16 September 2023


AbdulSamad Rabiu meets Tinubu, promises to slash BUA cement price to N3,000 for Nigerians

AbdulSamad Rabiu AbdulSamad Rabiu

The Chairman of BUA Group, Abdul-Samad Rabiu, has announced plans to reduce cement price in Nigeria from the present N5,500 to between N3,000 and N3,500.

Rabiu disclosed this while speaking to journalists after a meeting with President Bola Tinubu on Friday, September 15, 2023, Punch reports.

According to the billionaire, the price reduction will be implemented after the inauguration of two new cement plants by the end of the year or in early 2024.

These additions, he noted, would increase BUA Cement’s total production capacity to 17 million metric tons yearly.

He stated that with increase production his company will flood the market with cement thereby reducing the prices paid by Nigerians.

His words"

“By the time these lines are commissioned, BUA Cement will produce about 17 million tonnes per annum. And with that, we intend to bring down the cement price from its current level of N5000 or N5500 per bag to maybe N3000 to N3500 per bag.”

Rabiu also stated that BUA Group’s ability to produce locally, with 80 per cent of raw materials sourced in Nigeria, positioned his company to contribute to the government’s goal of reducing commodity prices.

He also mentioned plans to collaborate with Minister of Works, David Umahi to make the price reduction a reality.