Abdul Samad Rabiu, Chairman of BUA Group, announced on Thursday, May 15, 2025, that the company will freeze cement prices for contractors involved in the Federal Government’s Renewed Hope agenda projects, a decision made in collaboration with Dangote Cement’s Aliko Dangote to support President Bola Tinubu’s economic recovery efforts. Speaking to journalists after meeting Tinubu at the Presidential Villa in Abuja, Rabiu attributed the relatively high cement prices to the naira’s flotation but emphasized that this initiative aims to curb cost escalations on critical infrastructure. He also revealed that the Cement Manufacturers Association of Nigeria (CEMAN), now chaired by BUA Cement’s Engineer Yusuf Binji, has been restructured to drive this commitment, with the Cement Technology Institute of Nigeria (CTIN) set to receive ₦15–20 billion annually through a ₦20–30 per bag levy for artisan training.
Rabiu expressed satisfaction with the decline in food prices, crediting Tinubu’s six-month duty waiver on food imports. He noted that BUA Foods’ large-scale imports of rice, maize, and wheat have reduced prices significantly, with a 50kg bag of rice dropping from ₦110,000 to ₦60,000, flour from ₦80,000 to ₦55,000, and maize from ₦60,000 to ₦30,000. Rabiu explained that these imports disrupted hoarding by rice millers, forcing market adjustments, and the Rice Millers Association has adopted measures to prevent future manipulations. With enough imported rice to last until year-end, Rabiu warned hoarders of potential losses and expressed optimism about sustained price stability. He thanked Tinubu for his policy leadership and reaffirmed BUA Group’s commitment to supporting Nigeria’s economic stability.
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