GOOD- NEWS! Nigerians Jubilate As BUA Hints At Reduction In Cement Prices; SEE Details
The prices of cement in Nigeria might soon see a reduction, according to Abdul Samad Rabiu, the founder and chairman of the BUA Group. Speaking in Abuja, Rabiu highlighted that the current prices of cement in Nigeria are more favorable compared to other African countries.
He suggested that a strengthened naira would further drive down these prices. Rabiu made these remarks during an event celebrating a 12- year partnership between BUA Group and China’ s CBMI, and the announcement of a strategic business partnership agreement.
The event marked a significant milestone as BUA Group unveiled plans to add a fourth production line to its factory in Edo State. This new addition aligns with BUA’ s goal to maintain its position as Nigeria’ s second- largest cement producer and contribute significantly to the country’ s industrialization efforts.
Rabiu detailed that the new production line, the fourth in Edo and the eighth overall for BUA, will have a capacity of three million tons per annum. The groundbreaking ceremony for this line is scheduled within the next few days.
The new line will help meet the growing demands for cement both domestically and for export. ” The new contract to build another line has been signed and will be completed in less than 20 months. We are really very thrilled, very excited with this cooperation and collaboration between ourselves and CBMI, ” Rabiu stated.
Expanding the company’ s export capabilities remains a priority. Rabiu explained that BUA’ s Sokoto plant, strategically positioned for exports to Niger Republic and Burkina Faso, has been pivotal in the company’ s regional trade strategy.
Despite a temporary reduction in exports due to increased local demand, BUA is committed to balancing domestic supply with export opportunities. The company plans to leverage periods of lower domestic construction activity, such as during the rainy season, to boost exports to neighboring countries.
CBMI Chairman, Tong Laigou, expressed satisfaction with the 12- year partnership, noting that CBMI’ s collaboration with BUA has significantly contributed to the growth of both BUA and the Nigerian economy. He emphasized that the success of their partnership has motivated CBMI to further deepen and explore opportunities in Nigeria, recognizing the country’ s great potential.
The new production line in Edo State is a strategic move to enhance BUA’ s capacity and meet the increasing demand for cement.
As BUA Group continues to invest in its production capabilities and strengthen its partnerships, the outlook for more competitive cement prices in Nigeria appears promising. This development could positively impact the construction industry and broader economic growth in the country.
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