BUA Cement Plc. has announced plans to reduce the price of cement in Nigeria from the current range of N5,000 to N5,500 per bag to between N3,000 and N3,500 per bag. This move is part of the company’s efforts to support the Federal Government in stabilizing the prices of essential commodities.
The Chairman of BUA Cement, Abdul Samad Rabiu, made this announcement after meeting with President Bola Tinubu at the State House in Abuja. Rabiu stated that the price reduction would follow the commissioning of two new cement plants, each with a capacity of 3 million tons, at the end of the year.
Rabiu explained that BUA Cement’s ability to produce cement locally, with 80% of its raw materials sourced domestically (mainly limestone and gypsum), enables the company to support the government’s efforts to lower cement prices. He also noted that the availability of natural gas in Nigeria contributes to their cost-effectiveness.
The commissioning of the two new plants, set to take place later in 2023, will significantly increase BUA Cement’s production capacity to 17 million metric tons, further contributing to the reduction of cement prices in the country.