BUA Group Chairman Pledges To Support Government, Vows To Reduce Price Of Cement In Nigeria

The Executive Chairman of BUA Group, Abdul Samad Rabiu, has stated that there would be reduction in price of cement in Nigeria.

This he said would be a way to support the government to mitigate economic challenges in the country.

The BUA Chairman, who lamented that the high cost of cement is as a result of naira devaluation in forex market, noted that his firm would reduce the price by the end of the year.

In his words, “The price of cement in Nigeria is high at almost N5000 per bag. So I appreciate where the government is coming from. I can understand the frustration because of other issues we are having in the country. Again, as I said during the meeting, the price of cement at just N5000 per bag in Nigeria which is not really very high if you look at the rate of the US dollar today.”

He also stated that importation of cement to the country would not be really cheaper considering the value of naira and cost of logistics, saying that the price of cement cannot be “cheaper if we import cement today.”

He added, “But what we want to do is because we have two lines that are coming on stream by the end of the year, the Obu Line 3 and the Sokoto Line 5, which will give us combined capacity of 6 million tonnes. We are going to reduce the price of cement once these two lines are up and running. And I can assure you that we would do everything to support the government and support Nigerians. It's true that the price of cement is high now, and that is simply maybe because of devaluation and all the issues that we have in the country. And that is why we decided that we are going to support the government and bring down the price of cement, and this is a promise from myself.”