The Chairman of BUA Group Abdul Samad Rabiu, has announced that cement manufacturers in Nigeria have agreed to freeze cement prices for contractors involved in President Bola Tinubu’s Renewed Hope Projects. This initiative is part of BUA’s commitment to supporting the government’s agenda to boost infrastructure development and economic growth.
Rabiu made this disclosure following a meeting with President Tinubu at the State House in Abuja on Thursday. He explained that the price freeze will apply to all contractors engaged in projects under the Renewed Hope Agenda, ensuring no price increases for cement for the foreseeable future.
“This is a collaborative effort between Alhaji Aliko Dangote and myself. Dangote Cement approached me with the idea, and I agreed that we should support Mr. President’s Renewed Hope Agenda. As a result, we have decided to freeze cement prices for any contractor involved in these projects,” Rabiu stated. He also credited Alhaji Dangote for initiating the proposal and emphasized that the initiative will help control costs and support the country’s infrastructure goals.
Rabiu further praised the Minister of Works, Dave Umahi, for his decision to prioritize concrete roads, which are more durable and cost-effective compared to bitumen. “Concrete roads last much longer, and the cost is cheaper, which is beneficial for the country,” Rabiu added.
In addition to his commitment to the cement sector, Rabiu also expressed continued support for keeping food prices down, particularly rice. He praised President Tinubu’s decision to grant a waiver on imported food items, which he credited with helping lower food prices in Nigeria.
Reflecting on the impact of the waiver, Rabiu explained that BUA Foods took advantage of the policy to import significant quantities of wheat, maize, and rice. This move helped to bring down the prices of key food items. “Last year, rice prices were around N100,000 per 50kg bag, flour was N80,000, maize was N60,000 per 50kg, and pasta was over N20,000 per carton. But with the influx of shipments and processing, we’ve managed to reduce rice prices to about N60,000 per 50kg bag, flour to N55,000, and maize to N30,000,” Rabiu shared.
He attributed these price reductions to President Tinubu’s “foresight” in implementing the duty waiver for food imports, noting that BUA Foods played a key role in leveraging the policy to support affordable food prices for Nigerians.
“We will continue to work on bringing down food prices, and we are committed to doing everything we can to help the government’s efforts,” Rabiu concluded.
