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Just in: BUA Cement to crash price from over N5000 to N3,500

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Resilient indigenous cement manufacturer and Chairman, BUA Cement Group, Abdul Samad Rabiu, has given indications of crashing the price of cement any moment from now in a rare drive to show full support for the Tinubu Renewed Hope agenda.

Addressing media chiefs at State House after meeting with President Tinubu, he averred that “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.”

He said the company could only do this because it is producing cement locally.

“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.’’

According to him, the two new plants to be inaugurated by Tinubu later in 2023 would increase production capacity to 17 million metric tons, say that is good for dropping the price.

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