Nigerian Billionaire Rabiu Speaks on Cement Price From January 1, 2024

• Abdul-Samad Rabiu paid a special visit to President Bola Ahmed Tinubu in his residence in Lagos
• During the visit, the CEO of BUA reassured of its intention to see that cement sold at N3,500 in 2024
• Rabiu also explained the reasons why some traders are still selling cement above the official price

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Nigerian billionaire Abdul-Samad Rabiu, Chairman of the BUA Group, has reassured Nigerians that his cement company will maintain the price of a bag at N3,500 in January 2024.

He gave this assurance while speaking with journalists after visiting President Bola Tinubu on Thursday, December 29, 2023, in Lagos.

BUA Cement price

He commented on plans for the new year and said the company would also make the product accessible and affordable to customers despite various challenges.

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His words:

“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.

"Given our factory locations—one in Edo and the other in Sokoto state—transporting cement over long distances, such as from Sokoto to Lagos or from Adamawa to Maiduguri, poses a significant challenge due to the considerable distances involved.

“So dependent on the distance and dependent on the location. You know the price changes but we intend to keep that promise."

More promises from Abdul-Samad Rabiu

Rabiu also revealed that the BUA cement company site in Sokoto, which will be inaugurated by January 2024, is expected to expand the market across the country further.

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He said:

“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.”

Dangote speaks on reported sales promo, crashing cement bag price to N2,400.

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

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 reportedly said that the company needs more trucks to distribute its products. Hence, the retailers must hire a car for N1,000 per bag.

Source: Legit.ng