BUA Cement Plc has announced plans to lower cement prices in Nigeria from N5,500 to between N3,000 and N3,500.
The Punch reported that the company’s chairman, Abdul Samad Rabiu, announced this following a meeting with President Bola Tinubu on Friday, September 15, 2023, at the State House in Abuja.
The capacity of BUA Cement will increase to 17 million metric tonnes with the addition of two new facilities, according to Rabiu, which will be inaugurated by President Bola Tinubu at the end of the year.
Speaking about the visit, he said it was part of the company’s attempt to support the Federal Government’s efforts to lower the cost of essential goods in Nigeria, adding that it would allow the company to reduce the cost of cement to roughly N3,500 per bag.
When speaking, Rabiu said, “We want to support the government’s efforts to reduce the price of cement. By the time these lines are put into operation, BUA Cement will be producing about 17 million tonnes annually. With that, we intend to reduce the price of cement from its current level of N5,000 or N5,500 per bag to perhaps N3,000 or N3,500 per bag.”
“And the only reason we are able to accomplish this is because we are generating the cement locally. In Nigeria, we mostly use limestone and gypsum as raw materials to make cement, and we also use energy because Nigeria has gas. In order to ensure that the price of these items is decreased inadvertently, we wish to support the government in its efforts.”
