BUA Group Announces Plans to Slash Cement Price to N3,500 Following Meeting with Tinubu

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.

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