Cement prices to go down by January – BUA


There will be a reduction in prices of cement by January next year, BUA Cement Plc has disclosed.

The Chairman of BUA Cement Plc, Abdul Samad Rabiu, made the disclosure on Thursday while fielding questions from journalists in Abuja.

Rabiu said the price reduction was part of the company’s efforts to support the government and Nigerians.

The Minister of Works, Dave Umahi had recently said the federal government was mulling the importation of cement as a way of bringing down the price of the product.

Nigerians have been groaning over the high price of cement in the country. The price of cement is between N4,500 to N4,800 across the country.

Explaining, he said the challenge with the exchange rate was part of the reason for the high price of the product in the country at the moment.

He 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, 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.

Earlier at the AGM, shareholders approved the proposal of the board of directors to pay the sum of N2.80 per share in 2022 compared to the N2.60 per share paid in the previous year of 2021

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