Abdul-Samad Rabiu, Chairman of BUA Group, disclosed the company’s strategy to reduce cement costs nationwide at the 7th Annual General Meeting of Bua Cement in Abuja.
Dailytrust reported, BUA Cement plans to lower prices by enhancing production capacity, with two additional production lines set to be operational by year-end, increasing capacity by 40% to 70 million tons.
Rabiu emphasized that expanding production is critical to support the government’s economic initiatives. He explained that imports are not a viable solution, as the current average cement price in Nigeria is N4,500, equivalent to N90,000 per ton or $100.
Importing cement would further escalate costs due to high foreign exchange rates and additional expenses like taxes and transportation.
The AGM also featured an announcement of a dividend payment of N2.80k per share, an increase from the previous year’s N2.60k per share dividend.
