Abdul-Samad Rabiu, the Chairman of BUA Group, announced during the 7th Annual General Meeting of Bua Cement in Abuja that the company has finalized plans to lower cement prices nationwide.
This initiative aligns with their commitment to support the federal government's economic objectives. Bua Cement intends to achieve this goal by enhancing the production capacity of its cement plants.
Rabiu shared, "By year-end, we plan to have two additional production lines operational, increasing our production capacity by at least 40 percent to 70 million tons.
The aim is to reduce prices and assist the government's efforts, as relying on imports would not be the most cost-effective solution. The current average price of cement in Nigeria is N4,500 per bag, equating to N90,000 per ton or $100.
Importing cement would incur additional expenses due to high foreign exchange rates, taxes, transportation, and other levies."
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