“We Are Ready”: Rabiu Confirms BUA Cement Price Slash to Tinubu, Vows to Make it Cheaper

• The second richest man in Nigeria, Rabiu Abdulsamad, has finally reacted to retailers refusing to sell his BUA cement at N3,500
• Several Nigerians initially excited at the news of the reduced prices were left disappointed when they arrived at the market to make their purchases
• Rabiu's BUA cement is one of the leading manufacturers of the product, alongside Dangote cement and Lafarge cement

Dave Ibemere has over a decade of experience covering business and economy.

Chairman of BUA Group, Rabiu Abdulsamad, has confirmed that his cement company has slashed the price of its cement from N4,500 to N3,500 per bag.

He disclosed this at a session journalists after a close-door meeting with President Bola Tinubu at the State House, Abuja, on Tuesday, October 31, 2023.

Rabiu noted that the discussions regarding cement pricing were part of his conversation with President Bola Tinubu, Punch reports.

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He said:

“The price of cement from BUA Group has been reduced from N4,500 to N3,500 per bag, it is happening, as a matter of fact, I just discussed the issue of cement with Mr President.

“We have two lines that we’ll be commissioning, God willing, by the end of the year. Mr President has agreed to come and commission one of the lines in Sokoto in January, God willing and with that we’ll have additional volumes and once that happens, the price of cement will go down, lower than what it is we have across the country and we’re ready to do that, we’re ready to support."

The billionaire also raised hopes that the new price will not be reviewed in the near future.

Rabiu added:

“If you look at the business we’re in now, the cement business, almost 80% of everything we need to produce cement is here in Nigeria, local and those are the kinds of things we need to encourage mining, agriculture because we have the land, we have the people and we have the climate and the water.

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Legit.ng earlier reported that BUA Cement slashed the ex-factory price of the company’s products from N5,500 to N3,500 in October 2, 2023.

However, some retailers of BUA Cement in Lagos and Ogun states still sell their products above N5,000 per bag four weeks after the price slash.

A BUA representative was reportedly quoted as saying that the company needs more trucks to distribute its products. Hence, the retailers must hire a truck for N1,000 per bag.

Source: Legit.ng