No Economic Reform Will Alter Price Of Cement From N3,500 In 2024— BUA Assures Nigerians

The Chairman of BUA Group, Abdul-Samad Rabiu, has promised to maintain the current price of cement at N3,500 per bag in 2024 despite unforeseen economic reforms.

Rabiu pledged this while addressing State House Correspondents after a visit to President Bola Tinubu on Thursday in Lagos. 

“The price that we have set will be N3,500 per bag. this includes ex-factory price plus VAT and then delivered to customers depending on the region. 

“This is because our factory that we have is in Edo and 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,” Rabiu said. 

Speaking further, the BUA boss revealed that the inauguration of the Sokoto cement company will commence in January 2024 and aims to expand the market nationwide.

“We anticipate a combined annual production volume of about six million tonnes from these sites, which we expect to significantly impact the market.

“Although we are facing some challenges, we are actively working to address and we will resolve them,” Rabiu stated.

Recall in September, BUA announced plans to reduce the price of cement in Nigeria from the present N5,500 to between N3,000 to N3,500. This, according to the cement company, is part of its contribution to bringing down the price of essential commodities in Nigeria.