Prices of cement may likely be reduced, the founder and chairman of the BUA Group, Abdul Samad Rabiu has said.
Rabiu who said the prevailing price of cement in the country is the most friendly compared to what obtains in other African countries, however, emphasized that with a strengthened naira, the current price would be further reduced.
He disclosed that BUA had begun working towards that goal with the addition of a fourth cement production line to its Edo State factory.
Rabiu disclosed this in Abuja during a strategic business partnership agreement and the celebration of a 12-year partnership between BUA group and CBMI of China, where he said the company intends to maintain its position as Nigeria’s second-largest cement producer and contribute to the country’s industrialization drive.
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.