Business
BUA GED, Kabiru Rabiu Tells Why Cement Is Expensive & Update On Price Reduction
cement price is increasing.
The Group Executive Director at BUA Group, Kabiru Rabiu has explained why cement prices are increasing.
A 50kg bag of cement presently sells for above eleven thousand Naira (N11,000) with buyers in some areas claiming to have bought for as high as fifteen thousand Naira. This is against the background of the revelation that it was sold for about five thousand five hundred Naira (N5,500) in December 2023.
The top shot at one of the biggest contributors to the nation’s economy also provided insight into what happened to the celebrated price reduction on BUA Cement.
Here is a video of his disclosures.
Rabiu made the revelations during an appearance on Arise TV’s, Arise Exchange.
On October 1, 2023, BUA Cement around a reduction on the price the its product to three thousand five hundred Naira (N3,500) as part of efforts “to spur development in the building materials and infrastructure sectors.”. The move is one of many interventions BUA Group has made on prices of products that affect everyday people including Rice and Sugar.
The economy took a plunge that soared the cost of living across statuses barely weeks after BUA Cement announced the price reduction.
