Alhaji Abdulsamad Rabiu
Chairman, BUA Group
By Isaac Daniel
The Chairman of BUA Group, Alhaji Abdulsamad Rabiu, has resolved to support the Federal Government plans to reduce the acute hardship being suffered presently by Nigerians.
To this effect, He has announced that his organization, a top stakeholder in cement production, will drive down the price of cement to support the Government plans to reduce hardship among Nigerians.
Speaking on his welcomed action, Rabiu said, “I understand that the minister is quite concerned, that the price of cement is high at almost N5,000 per tonne. I appreciate where the government is coming from and the frustration from all the issues in the country.
“The price of cement at N5,000 is not high. If we look at the rate of the US dollar today, to import cement will be at N5,000. The cement cost, insurance and freight to any port in Nigeria will be in the region of about $100 a tonne. So, at $100 per tonne, if you take N800 to $1 then it will be N4,000 per bag. Then the port cost, and transportation from the port.
“It’s not that the government wants to import cement, but they are frustrated that the price of cement is high. What we told our shareholders is that we will engage with the government to support the government.
“Even though we know that the price of cement is high, it will not be cheaper if imported. We have two lines coming up by the end of the year, the Obu Line 3 and the Sokoto Line 5 that will give us a combined capacity of six million tonnes.
“By the time we have those two lines active with the current one, we will have about 17 million tonnes per annum. We are going to reduce the prices of cement once these two lines are up and running. This is the promise we are making to Nigerians.”
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