The Chairman of BUA Group, Abdul-Samad Rabiu, reaffirmed his promise to bring down the price of cement N3,500, starting January 2024. He said this to State House Correspondents after a visit to President Bola Tinubu on Thursday 28 of December, 2023 in Lagos.
Also, he assured that the company is committed to making the product accessible and affordable for customers despite encountering several challenges.
“You know the price that we have set will be N3,500 per bag. You know x factory of course plus VAT and then delivered to customers depending on the region.
“As you know, the factory that we have; is in Edo, and the other one is in Sokoto state. So for example, if you want us to deliver cement to you from Sokoto say to Lagos from Adamawa or to Maiduguri, the distance is quite far.
“So dependent on the distance and dependent on the location. You know the price changes but we intend to keep that promise,” he said.
Rabiu also mentioned that the cement company site in Sokoto, set to be inaugurated in January 2024, is anticipated to broaden the market nationwide.
“And as we all know, the volumes that we will be having will be about six million tones per annum combined. And we expect those volumes to have an impact.
“Though we’re having some issues here and there, these are issues that I believe we can address and we are addressing them,” he outlined.
What you should know
Earlier in September, the chairman of Bua Cement Plc, Abdul Samad Rabiu, announced plans to reduce the price of cement in Nigeria from the present N5,500 to between N3,000 to N3,500.
He said this is part of its contribution to supporting the efforts of the Federal Government to bring down the prices of key commodities in the country, adding that this will enable the company to bring down the price of cement to about N3,500 per bag.
Meanwhile, a survey done by our source showed that the price of cement is still sold at the initial price between N5,300 to N5,500 in some places across the country.
Responding to the development, Rabiu noted that the company still maintained its promise to sell at the announced price, adding that other external challenges have contributed to the delay in price slash.
By Cyrus Ademola
