“It Will Go Down”: Abdulsamad Rabiu Speaks Forex Crisis, Slashing BUA Cement Price to N3,500
- Nigerian billionaire Abdulsamad Rabiu has called for patience with Tinubu's administration
- He said the naira, which has started appreciating in the black market, will continue to do so
- He also confirmed that the price of BUA Cement was slashed by the company from N4,500 to N3,500
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Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market
Abdulsamad Rabiu, the chairman of the BUA Group, has urged Nigerian businesses to be patient with the Bola Tinubu administration as it attempts to stabilise the foreign exchange market.
He spoke in a chat with State House correspondents after a closed-door meeting with Tinubu at the Aso Rock Villa in Abuja, according to a report by Punch.
Source: UGC
Rabiu also insisted that BUA Group cut the price of a bag of cement from N4,500 to N3,500.
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Rabiu says Tinubu's move is essential
To stabilise the economy, Rabiu described Tinubu's move to unify the Forex window as a challenging but essential step.
I believe we should just be a bit patient; things are already getting better. If you check, you’ll see that the exchange rate in the black market has gone to as high as N1,300 to $1; today, it’s about N1,150 and it will continue to come down.
We are witnessing a situation where the exchange rate is declining because, if it reaches a point where people cannot afford it, no one will purchase, and if you do not purchase, it will decline.
He urged Nigerians to be patient as things will get better, adding that with a population of 220 million, the country has vast resources to succeed.
During his discussion with Tinubu, Rabiu said he could see the passion to deliver in the president.
Rabiu insists cement price is N3,500
Rabiu said the price of cement from BUA Group has dropped from N4,500 to N3,500.
He said before December 31, 2023, and in January 2024, BUA intends to commission two more cement manufacturing facilities.
He stated:
We'll have more volumes, and once that occurs, the price of cement will go down, below what we have nationwide, and we're ready to do that, we're ready to support.
Legit.ng earlier reported that in spite of the slash in price by the company, marketers sold BUA cement above N5,000.
After announcing plan to drop cement prices, Abdulsamad Rabiu joins top 500 world billionaires again
In an earlier report by Legit.ng, Rabiu returned to the list of the world's 500 wealthiest billionaires.
This comes after a turbulent time of financial instability following Nigeria's currency devaluation in June. Rabiu's net worth has reportedly increased by an astonishing $390 million, according to the Bloomberg Billionaires Index, which keeps track of the assets of the world's wealthiest billionaires.
His net worth has increased from $4.79 billion on June 23 to a current estimate of $5.18 billion, which is generated from shares in his publicly traded enterprises.
Source: Legit.ng
