BUA Cement Plc, one of Nigeria's leading cement producers, has announced its intention to reduce the price of cement in Nigeria. The Chairman of the company, Abdul Samad Rabiu, revealed this plan after a meeting with President Bola Tinubu at the State House in Abuja on September 15, 2023.
According to Rabiu, BUA Cement is planning to lower the price of cement from the current N5,500 per bag to a range of N3,000 to N3,500 per bag. This move is part of the company's efforts to support the Federal Government's initiatives to reduce the prices of essential commodities in the country.
Rabiu also disclosed that BUA Cement is set to commission two new cement plants by the end of the year, which will increase its total production capacity to 17 million metric tons. President Bola Tinubu is expected to commission these new plants in December or January next year.
The reduction in cement prices is seen as a significant step toward making building materials more affordable for Nigerians. Rabiu emphasized that BUA Cement's ability to produce locally sourced cement, with 80% of the raw materials being limestone and gypsum, allows them to support the government's efforts to lower commodity prices.
This announcement comes as welcome news to consumers and the construction industry, which heavily relies on cement as a key building material.
