NewStats: 3,261,743 , 8,174,974 topics. Date: Friday, 30 May 2025 at 11:07 AM 286s36

Chairman of BUA Group, Abdul Samad Rabiu, on Thursday announced that the company has agreed to freeze the price of cement for all contractors engaged in projects under the Federal Government’s Renewed Hope agenda, as part of efforts to President Bola Tinubu’s economic recovery strategy.

This is as President Bola Tinubu and Rabiu met at the Presidential Villa, Abuja, on efforts by the BUA Foods to crash the prices of food in the country.

Briefing journalists after the meeting, Rabiu expressed happiness that the prices of food have come down compared to what they were last year.

He also explained why the price of BUA cement is relatively high, attributing it to the flotation of the naira.

Rabiu also disclosed that the initiative to crash prices of cement for the renewed hope agenda projects was agreed upon in partnership with Alhaji Aliko Dangote, chairman of Dangote Cement, and is aimed at curbing cost escalations on critical infrastructure projects across the country.

He said: “We have decided that we are going to freeze the price of cement for any contractor that is involved with the Renewed Hope projects,” Rabiu said. “There will be no increase for the foreseeable future. This is our contribution to Mr President’s Renewed Hope Initiative.”

Rabiu revealed that the Cement Manufacturers Association of Nigeria (CEMAN) has been restructured to drive this commitment, with Engineer Yusuf Binji of BUA Cement appointed as its new chairman.

The Cement Technology Institute of Nigeria (CTIN), which focuses on training artisans in the construction sector, will also receive renewed funding – between ₦15 and ₦20 billion annually – via a levy of ₦20 to ₦30 per bag of cement sold by .

He praised the Minister of Works, David Umahi, for promoting the use of concrete roads, which he described as more cost-effective and durable than traditional bitumen-based roads.
Rabiu hailed President Tinubu’s decision last year to grant a six-month duty waiver on select food imports as a game-changer in tackling food inflation.

He said BUA Foods leveraged the policy to import large quantities of rice, maize, and wheat, which have significantly lowered food prices nationwide.

“At the height of the crisis last year, a 50kg bag of rice was selling for over ₦110,000,” Rabiu recalled.


“Today, it’s about ₦60,000. Flour has dropped from ₦80,000 to ₦55,000 per bag, maize from ₦60,000 to ₦30,000.”

He attributed this drastic reduction to the disruption of hoarding practices within the rice supply chain, made possible by increased availability from BUA’s imports.

“A lot of people used to hoard rice paddy after harvest to create artificial scarcity. But once our imports started hitting the market, their hoarded stocks lost value, and the market adjusted,” Rabiu said.

He added that the Rice Millers Association of Nigeria has since adopted measures to discourage hoarding among its , ensuring that future attempts to manipulate rice prices will be futile.

“We’ve imported enough rice to last till the end of the year. Anyone trying to hoard now risks massive losses,”

Rabiu warned, expressing optimism that prices will remain stable moving forward.
He noted that the positive impact of falling food prices often goes unnoticed in public discourse.

“When rice hit ₦110,000, everyone was shouting. Now it’s down to ₦60,000, and no one’s saying anything. But I’m happy to report that food prices are coming down and will continue to.”

Rabiu thanked President Tinubu for his foresight and policy leadership, stating that BUA Group remains committed to ing government initiatives that promote economic stability and public welfare.


“We will continue to do more to the economy and our country,” he concluded.

https://www.vanguardngr.com/2025/05/dangote-bua-to-freeze-cement-price-for-govt-projects/

So they will freeze for the government contractors but the rest of us can go and die?
I just hope that someday in this country, a government like that of Toure will be in charge in this country to investigate the corrupt practices of not just those in government, but their civilian accomplices too.

Freeze for government contractors and increase prices for the mases

Just Imagine....So when two elephant 🐘 🐘 are Struggling, the Poor Masses Suffer?

If they can fix a price for the government that has all the money to pay, and still make profits, why can't they do the same for everyone else?

These are part of the problem ha e in Nigeria.

Only for government contractors?
These donkeys don't really care

My people na God hand ordinary people dey O. I beg wetin be this renewed hope agenda? Be like the agenda na to kill ordinary Nigerians. If not wickedness, who needs slash in price! Ordinary Nigerians or Contractors

BUA collaborating with DANGOTE

😂😂😂😂😂

Who has the complete footage of the meeting?
Trust me something else was discussed and a due was paid in form of a pledge

forget all this cho cho cho

All these government people must rotten one day each.
The common people can go to hell with inflation all you guys care.

Foolish voters are many in dis country!

How can u vote in APC again after Buhari?

wtf!

It's well.

.which food have come down compared to last year? Please i meed just one or two?

I’m confused oohhh

At what price are they selling to the government?

I’ve been buying BUA cement at N9,700 per bag for the past two months.

Oga rice don come down for here sha I nor sabi elsewhere o... bought it 58,500

fineboynl:
.which food have come down compared to last year? Please i meed just one or two?

i bought rice 85k and someone who don't go to the market is saying rice have come down to 60k, where pls?

MadPolitician:
So they will freeze for the government contractors but the rest of us can go and die?
I just hope that someday in this country, a government like that of Toure will be in charge in this country to investigate the corrupt practices of not just those in government, but their civilian accomplices too.

Blame your government that accept the nonsense

Will this not amount to indirect taxation on top of VAT if the public makes up the difference on the subsidized cement for government projects only.

Is the government abdicating it's responsibilities for price stability through lowering inflation. Why the selective economy.

Now watch as there will be cement round tripping via government contractors selling cheaper government cement to the public.

Hopefully, same Government workers won't resell to the market to make quick round tripping profits.

Na the ways of these dangerous civil servants...NGOs will supply medications that is meant to be free for patients....the next thing, you see the medicines at open drug market.

Something is wrong with us as a Nation

crackhouse:
i bought rice 85k and someone who don't go to the market is saying rice have come down to 60k, where pls?

Rice don come down, drag that seller wey sell am for 85k, you go see sey e go stammer in giving excuse.
It's now around 60/65k, if you are buying at overpriced stores like some malls, 70k, anything above, the person just scammed you

MadPolitician:
So they will freeze for the government contractors but the rest of us can go and die?
I just hope that someday in this country, a government like that of Toure will be in charge in this country to investigate the corrupt practices of not just those in government, but their civilian accomplices too.

Cement isn't basic needs sir/ma.

It's not rice or beans.

, on Thursday announced that the company has agreed to freeze the price of cement for all contractors engaged in projects under the Federal Government’s Renewed Hope agenda, as part of efforts to President Bola Tinubu’s economic recovery strategy.


Bua chairman fall my hand with this statement, meaning that the cement price is going to be freeze for only Federal government contractors not the for Nigerians to benefit, and effort to tinubu government not the Nigerians citizens just to enable the low income earner to have just a room to rest for the life Time.



It's well

Even if they extend it to the masses, those wereh sellers will still inflate the price!
BUA in the time past release cement to dealers at 3500 but these devilish traders were selling it for 7k+

One of the wicked agenda of the Criminal Govt. So Govt now receives subsidy which is now indirectly transfered to the masses

ogododo:


https://www.vanguardngr.com/2025/05/dangote-bua-to-freeze-cement-price-for-govt-projects/

Agbadorians think say Tulumbu send them. So the government cannot afford the high cost of cement for their projects despite the trillions, yet they want masses to buy at the ever increasing prices with the N40k added as per minimum wage.

Dem don scam u

crackhouse:
i bought rice 85k and someone who don't go to the market is saying rice have come down to 60k, where pls?

Nagode Allah!

Allah seriki.