Chairman of BUA Group, Abdul Samad Rabiu, on Thursday announced that the company has agreed to freeze the price of cement for all contractors engaged in projects under the Federal Government’s Renewed Hope agenda, as part of efforts to support President Bola Tinubu’s economic recovery strategy
This is as President Bola Tinubu and Rabiu met at the Presidential Villa, Abuja, on efforts by the BUA Foods to crash the prices of food in the country.
Briefing journalists after the meeting, Rabiu expressed happiness that the prices of food have come down compared to what they were last year.
He also explained why the price of BUA cement is relatively high, attributing it to the flotation of the naira.
Rabiu also disclosed that the initiative to crash prices of cement for the renewed hope agenda projects was agreed upon in partnership with Alhaji Aliko Dangote, chairman of Dangote Cement, and is aimed at curbing cost escalations on critical infrastructure projects across the country.
He said: “We have decided that we are going to freeze the price of cement for any contractor that is involved with the Renewed Hope projects,” Rabiu said. “There will be no increase for the foreseeable future. This is our contribution to support Mr President’s Renewed Hope Initiative.”
Rabiu revealed that the Cement Manufacturers Association of Nigeria (CEMAN) has been restructured to drive this commitment, with Engineer Yusuf Binji of BUA Cement appointed as its new chairman.
The Cement Technology Institute of Nigeria (CTIN), which focuses on training artisans in the construction sector, will also receive renewed funding – between ₦15 and ₦20 billion annually – via a levy of ₦20 to ₦30 per bag of cement sold by members.
He praised the Minister of Works, David Umahi, for promoting the use of concrete roads, which he described as more cost-effective and durable than traditional bitumen-based roads.
Rabiu hailed President Tinubu’s decision last year to grant a six-month duty waiver on select food imports as a game-changer in tackling food inflation.
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