The founder and chairman of the BUA Group, Abdul Samad Rabiu, has stated that there may be a decrease in cement prices.
Rabiu stressed that the existing price of cement will be further lowered with a stronger naira, despite saying that it is now the most affordable in the entire continent when compared to other African nations.
He said that BUA had started to work towards that objective by expanding its Edo State plant to include a fourth cement production line.
The company wants to keep its position as Nigeria’s second-largest cement maker, according to Rabiu, who made this announcement in Abuja during the signing of a strategic business partnership agreement and the celebration of a 12-year partnership between BUA group and CBMI of China.
According to Rabiu, the new line, which is the fourth in Edo and 8th in total, would contribute to meeting growing domestic and export demands.
“This fourth line is for three million tons per annum and the groundbreaking is going to be held in the next couple of days, maybe on Saturday or Sunday.
“The new contract to build another line has been signed and will be completed in less than 20 months.
“So we are really very thrilled, very excited, you know, with this cooperation and collaboration between ourselves and CBMI,” he said.
Noting that expanding the export horizons of the company is a priority for the company, Rabiu explained that BUA’s Sokoto plant, ideally positioned for exports to Niger Republic and Burkina Faso, had played a crucial role in the company’s regional trade strategy.
He said despite a temporary reduction in exports due to increased local demand, BUA remains committed to balancing domestic supply with export opportunities, leveraging periods of lower domestic construction activity, such as the rainy season, to boost exports to neighbouring countries.
On his part, CBMI Chairman, Tong Laigou, said having reviewed the 12-year partnership with BUA Cement, the Chinese State-owned company feels satisfied that it has been able to contribute to the growth of BUA and the Nigerian economy.
He said the success of the partnership has encouraged CBMI to further deepen and explore collaboration in Nigeria being a country with great potential and opportunities.
