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A message of patience from the BUA Chair to Nigerians



Abdulsamad Rabiu

Rabiu stated that the price of a bag of cement from BUA Group has been reduced from N4,500 to N3,500.

Speaking to State House Correspondents after a closed-door meeting with President Bola Tinubu at the Aso Rock Villa, Abuja, Rabiu said, “So I believe we should just be a bit patient; things are already getting better. If you check, you’ll see that the exchange rate in the black market has gone as high as N1,300 to $1; today, it’s about N1,150 and it will continue to come down.”

Rabiu described Tinubu’s decision to unify the FOREX window as a challenging but necessary step to stabilize the economy.

“There are a lot of issues, uncertainties, and panic that are settling, and we’re seeing a situation where the exchange rate is coming down because once it gets to a level where people are not able to afford it, nobody will buy and if you don’t buy, it will come down,” Rabiu explained.

He added, “So my message is that we should be patient; things will definitely get better. Nigeria is endowed with huge resources; we’re a country of over 220 million people with vast resources across the country.”

Rabiu disclosed the details of his discussion with President Tinubu, stating, “During my discussions with Mr. President, I could see the passion, I could see the burning desire, the commitment in him to deliver, but again, Mr. President alone cannot do it, we need to come and support him to ensure that he delivers. I believe I’m speaking the minds of all Nigerians by that.”

Reiterating the reduction in cement prices, Rabiu emphasized, “It is actually taking effect. The price of cement from BUA Group has been reduced from N4,500 to N3,500 per bag; it is happening; as a matter of fact, I just discussed the issue of cement with His Excellency, Mr. President.”

He also revealed that BUA Group will be commissioning two more cement production bases before December 31, 2023, and in January 2024.

“We’ll have additional volumes, and once that happens, the price of cement will go down, lower than what we have across the country, and we’re ready to do that, we’re ready to support,” Rabiu promised.

Rabiu expressed that he visited the State House to congratulate President Tinubu on his recent victory at the Supreme Court, stating that the ruling had put all uncertainties surrounding the presidential election to rest.