N3,500: BUA Chairman, Abdul-Samad Rabiu Speaks On Increasing Cement Price From January 2024

Abdul-Samad Rabiu, Chairman of the BUA Group, has confirmed the company’s commitment to selling cement at the promised price of N3,500 per bag starting from January 2024.

VerseNews reports that following a meeting with President Bola Tinubu in Lagos, Rabiu stated that BUA aims to keep the product accessible and affordable despite challenges.

He explained that the pricing would vary based on factors such as distance and location for delivery.

“You know the price that we have set will be N3,500 per bag. You know x factory of course plus VAT and then delivered to customers depending on the region.

“As you know, the factories that we have; one is in Edo, the other one is in 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,” he said.

The inauguration of a new cement plant in Sokoto in January 2024 is anticipated to contribute to expanding the market, reaching a combined volume of six million tonnes per annum.

“And as we all know, the volumes that we will be having will be about six million tonnes per annum combined. And we expect those volumes to have an impact.

“Though we’re having some issues here and there, but these are issues that I believe we can address and we are addressing them.”

Despite ongoing challenges, Rabiu expressed confidence in addressing and resolving them.

He added that his visit to the President was to felicitate with him on the Christmas and New Year festivities, adding that it was a pleasant one.

“It is always quite good to see them when they are relaxed and you know, I am pleased to say that his excellency looked very relaxed, well rested and also in good spirits,” BUA chief said.