BUA Cement Announces Significant Price Reduction for Cement in Nigeria.
BUA Cement Plc. has unveiled ambitious plans to substantially reduce the price of cement in Nigeria, offering relief to consumers and aligning with the government’s efforts to stabilize the prices of essential commodities.
The Chairman of BUA Cement Plc., Abdul Samad Rabiu, made this announcement during a meeting with President Bola Tinubu at the State House in Abuja. Rabiu revealed that the company intends to lower the current price of cement, which stands at N5,500 per bag, to a range of N3,000 to N3,500 per bag.
This substantial price reduction will be made possible following the commissioning of two new cement plants, each with a capacity of 3 million tons, by the end of this year. These new plants will significantly increase the company’s production capacity.
Rabiu expressed his gratitude to President Buhari and explained the company’s intentions, saying, “We have two new lines of 3 million tons each that we will be commissioning by the end of the year. So I explained to him that we want to support the efforts of the government in bringing down the cost of cement.”
BUA Cement is committed to playing its part in contributing to the government’s initiatives and ensuring that essential commodities like cement are more affordable for the Nigerian populace. Rabiu emphasized that this significant price reduction is achievable because BUA Cement manufactures its products locally, with 80% of the raw materials sourced within Nigeria.
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He elaborated, “Eighty per cent of the raw materials that we are using to produce cement in Nigeria are mainly limestone and gypsum, and of course, energy is part of it. Of course, we have gas in Nigeria. So we want to support the government, we want to support their efforts in ensuring that the prices of these commodities are brought down incidentally.”
Furthermore, Rabiu disclosed that the two new cement plants, set to be inaugurated later in 2023, will substantially increase the company’s production capacity to a remarkable 17 million metric tons per annum. This increased capacity will enable BUA Cement to meet the growing demand for cement in Nigeria and further contribute to the nation’s infrastructure development.
BUA Cement’s commitment to reducing the cost of cement underscores its dedication to being a reliable partner in the economic growth and development of Nigeria. The price reduction will undoubtedly have a positive impact on the construction industry and various infrastructure projects across the country.