BUA Group Chairman Abdul Samad Rabiu has announced that Nigerian cement manufacturers have agreed to freeze cement prices for projects under President Bola Tinubu’s Renewed Hope Agenda.
This decision was made after a meeting with President Tinubu at the State House in Abuja.
Rabiu said that Aliko Dangote of Dangote Cement approached him with the proposal, and they concurred to support the Renewed Hope Agenda.
“Alhaji Aliko Dangote of Dangote Cement approached me, and I concurred with him that we should do everything to support Mr. President’s Renewed Hope Agenda, and we have decided that we are going to freeze the price of cement for any contractor that is involved with the renewed hope project, or projects,” Rabiu said.
The freeze applies to any company or individual working on Renewed Hope projects, ensuring no price increase for the foreseeable future.
Rabiu commended Minister of Works David Umahi for promoting concrete roads, citing their durability and cost-effectiveness.
Rabiu also discussed BUA Foods’ efforts to keep rice prices down, thanking President Tinubu for granting waivers on imported food items.
“We keyed into that policy and BUA was able to import quite a lot of wheat, maize, and rice,” he said, adding that prices had significantly decreased.
For example, rice prices dropped from around N100,000 to N60,000 per 50-kilogram bag, while flour prices decreased from N80,000 to N55,000 per 50-kilogram bag.
Rabiu attributed these price reductions to the President’s foresight and vision in introducing a one-off duty waiver.
Rabiu assured that BUA Foods would continue to crash prices, warning hoarders that they would face consequences. “We will keep crashing rice prices,” he said.
