BUA Group Announces Plans to Slash Cement Price to N3,500 Following Meeting with Tinubu
In a significant development for the Nigerian construction industry, the Chairman of BUA Group, Abdul-Samad Rabiu, has unveiled plans to reduce the price of cement in the country.
This announcement comes on the heels of a meeting between Rabiu and President Bola Tinubu.
During the meeting, Rabiu outlined the company’s strategy, which involves the addition of two new plants by the end of the year or early next year, ultimately boosting BUA Cement’s total production capacity to a staggering 17 million metric tons.
This expansion aims to pave the way for a substantial reduction in cement prices, potentially bringing them down to approximately 3500 naira per bag.
The Meeting and Commitment to Lower Prices
Rabiu expressed his gratitude to President Tinubu for the warm reception, emphasizing the purpose of his visit.
He stated, “I came to intimate His Excellency on the affairs of our cement business. We have two new lines of 3 million tonnes each that will be commissioned by the end of the year.”
This revelation underscores BUA Group’s dedication to bolstering the government’s endeavors to make cement more affordable for Nigerians.
A Game-Changing Expansion
With the imminent commissioning of these two new production lines, BUA Cement’s annual production capacity is poised to soar to 17 million tonnes.
Rabiu announced, “By the time these lines are commissioned, BUA Cement will be producing about 17 million tonnes per annum.”
This formidable increase in capacity lays the groundwork for a substantial reduction in the price of cement, offering a beacon of hope for both consumers and the construction industry.
A Vision for Affordability
The Chairman’s vision is clear: to substantially lower the current market price of cement, which stands at around N5000 to N5500 per bag.
He stated, “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.”
This commitment to affordability reflects BUA Group’s dedication to supporting the government’s initiatives and ensuring that this vital construction material is accessible to a wider demographic.
President tinubu’s Endorsement
In a show of confidence, President Tinubu has agreed to personally commission these new plants, underscoring the significance of this expansion in the nation’s construction sector.
The anticipated commissioning, slated for December or early January, is poised to mark a pivotal moment in Nigeria’s cement industry.
BUA Group’s strategic move to increase production capacity and subsequently reduce cement prices is a watershed moment for the construction sector in Nigeria.
Abdul-Samad Rabiu’s vision and commitment to affordability, coupled with President Tinubu’s endorsement, herald a new era of accessibility for this crucial building material.
As these plans unfold, the impact on the construction landscape is expected to be substantial, offering renewed opportunities for both industry professionals and consumers alike.
We do hope that the information we were able to provide you is helpful. Check out other unique articles on our blog for more detailed information and do well to share with your friends and family. Follow us on our Twitter and Facebook to stay updated with premium details.
Please leave any comments or questions in the area given below.
DISCLAIMER: The views and opinions expressed in The Gazette’ Nigeria are those of the authors and do not necessarily reflect the official policy or position of The Gazette. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any religion, ethnic group, club, organization, company, individual, or anyone or anything.
Information is presented to the best of our knowledge and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose.
Therefore, any reliance you place on such information is strictly at your own risk.
EXTRA: Make it a habit to visit https://thegazettengr.com/ for the latest updates on news, politics, insightful opinions, and a wealth of additional resource materials to stay well-informed and broaden your knowledge base.