BUA cement intends to lower cement prices in Nigeria. Abdul Rabiu, the company’s chairman, revealed this today after meeting with President Bola Tinubu at the State House in Abuja.
Rabiu stated during his visit that the company will add two new plants at the end of the year that President Bola Tinubu will commission, bringing BUA cement’s total capacity to 17 million metric tons in order to support the government’s efforts to lower the prices of important commodities.
This will allow the corporation to reduce the cost to around 3500 naira per bag.
He said, “Let me thank His Excellency, Mr. President, for graciously receiving me today. I came to inform His Excellency of the affairs of our cement business. We have two new lines of 3 million metric tons each that we will commission by the end of the year.
“So I came to intimate His Excellency and also to explain to him the efforts we’re making in trying to support again the efforts of the government in bringing down the price.
“With these 6 million tons that are being commissioned by the end of the year, and by the way, His Excellency has agreed to come and commission the plants, sometimes in December or early January next year,
“So I explained to him that we want to support the efforts of the government in bringing down the price of cement. By the time these lines are commissioned, BUA Cement will be producing about 17 million metric tons per year. And with that, we intend to bring down the price from its current level of N5000 or N5500 per bag to maybe N3000 to N3500 per bag.
“And we can only do that because we’re producing cement locally. 80% of the raw materials that we’re using to produce cement are from Nigeria. We want to support the government’s efforts to ensure that the price of these commodities is brought down.
“Incidentally, I also saw the Honourable Minister David Umahi when I was with His Excellency, Mr. President, and we agreed to meet, so what we’re going to do is, by the time we commission these two lines, announce to Nigerians that the price is going to come down.”
