BUA Meets Tinubu, Plans to Reduce Cement Prices in Nigeria

BUA Cement Plc. has revealed its intention to lower the price of cement in Nigeria to between N3,000 and N3,500 per bag, subject to the successful commissioning of two new cement plants with a combined capacity of 6 million tons by year-end. This move is part of BUA Cement’s support for the government’s efforts to stabilize essential commodity prices and is made possible by the company’s local sourcing of raw materials and Nigeria’s abundant natural resources.

BUA Meets Tinubu

Abuja, Nigeria BUA Meets Tinubu  – BUA Cement Plc. has announced its intention to significantly lower the price of cement in Nigeria, aiming to bring it down from the current N5,500 to a range between N3,000 and N3,500 per bag. This decision was revealed by the company’s Chairman, Abdul Samad Rabiu, following a meeting with President Bola Tinubu at the State House in Abuja.

Mr. Rabiu explained that the price reduction is a part of BUA Cement’s commitment to supporting the Federal Government’s efforts to stabilize the prices of essential commodities within the country. However, the price reduction will be contingent on the successful opening of two new cement plants, each with an operating capacity of 3 million tons, which are scheduled to be commissioned by the end of the year.

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In a statement after the meeting, Rabiu expressed gratitude to President Tinubu for the reception, stating, “Let me thank His Excellency Mr. President for graciously receiving me today. I came to inform His Excellency about the affairs of our cement business. We have two new lines of 3 million tons each that we will be commissioning by the end of the year.”

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He further elaborated on their plans, saying, “So I explained to him that we want to support the efforts of the government in bringing down the cost of cement. By the time these lines are commissioned, BUA Cement will be producing about 17 million tons per annum, and with that, we intend to bring down the cost of cement from its current level of N5,000 or N5,500 per bag to maybe N3,000 to N3,500 per bag.” 

Rabiu emphasized that this price reduction would be achievable because the company sources 80% of its raw materials locally, primarily limestone and gypsum, with energy being another key component. He noted that Nigeria’s abundance of natural resources, including gas, makes it possible for BUA Cement to support the government’s efforts in reducing the prices of essential commodities.

The unveiling of the two new cement plants, scheduled for later in 2023, is expected to boost BUA Cement’s production capacity to a remarkable 17 million metric tons. This increase in production capacity is anticipated to play a pivotal role in the company’s efforts to make cement more affordable and accessible to the Nigerian populace.

BUA Cement Plc. has made a significant announcement regarding the price of cement in Nigeria. The company’s Chairman, Abdul Samad Rabiu, disclosed plans to lower the current price of N5,500 per bag to a range between N3,000 and N3,500 per bag. This decision aligns with BUA Cement’s commitment to support the government’s efforts to stabilize essential commodity prices.

The price reduction is contingent upon the successful opening of two new cement plants, each with a capacity of 3 million tons, slated for commissioning by year-end. After a meeting with President Bola Tinubu in Abuja, Rabiu expressed gratitude and outlined their intentions to bring down cement costs through increased production capacity.

Rabiu highlighted that BUA Cement’s reliance on locally sourced raw materials, such as limestone and gypsum, along with abundant energy resources like gas, enables them to contribute to lowering prices. The two new cement plants, set to expand production to 17 million tons annually, are expected to play a pivotal role in making cement more affordable for Nigerians. Stay tuned for further developments on this initiative from BUA Cement Plc.

BUA Meets Tinubu

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