In a significant move for the Nigerian construction industry, BUA Cement Plc. has declared its intentions to significantly slash the cost of cement.
The announcement was made following a meeting between BUA Cement’s Chairman, Abdul Samad Rabiu, and President Bola Tinubu at the State House in Abuja.
Rabiu announced that the company is planning to reduce the cost of a bag of cement from the current N5,500 to between N3,000 and N3,500. This substantial drop in prices is expected to be implemented following the inauguration of two new cement plants, each with a capacity of 3 million tons, by the end of 2023.
The Chairman expressed his gratitude to President Buhari and shared the company’s intentions to support government initiatives to reduce the cost of essential commodities.
Rabiu emphasized that the price cut is feasible due to the company’s local manufacturing process, with 80% of the raw materials, including limestone and gypsum, sourced from within Nigeria.
Rabiu further explained that the two new cement plants, due to be commissioned later this year, will significantly increase the company’s production capacity to an impressive 17 million metric tons annually. This expanded capacity will allow BUA Cement to meet increasing cement demands in Nigeria and continue contributing to the country’s infrastructural development.
BIGPEN NIGERIA (https://bigpenngr.com) reports that the decision by BUA Cement to decrease cement prices demonstrates its commitment to supporting Nigeria’s economic growth and development. This reduction in price is expected to positively impact the construction industry and various infrastructure projects across the nation.