The Chairman of BUA Group, Abdul Samad Rabiu, on Thursday announced that the company has agreed to freeze cement prices for contractors handling projects under the Federal Government’s Renewed Hope agenda. This move is aimed at supporting President Bola Tinubu’s economic recovery plans.
This announcement followed a meeting between President Tinubu and Rabiu at the Presidential Villa, Abuja, where they discussed BUA Foods’ efforts to reduce food prices across Nigeria.
Speaking to journalists after the meeting, Rabiu expressed satisfaction over the recent drop in food prices compared to the previous year. He attributed the relatively high cost of BUA cement to the naira’s flotation.
Rabiu further disclosed that the initiative to stabilize cement prices for Renewed Hope agenda projects was developed in collaboration with Alhaji Aliko Dangote, Chairman of Dangote Cement. The goal is to help control cost inflation on key infrastructure developments nationwide.
“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 support Mr President’s Renewed Hope Initiative.”
He revealed that the Cement Manufacturers Association of Nigeria (CEMAN) has been restructured to oversee this commitment, with Engineer Yusuf Binji of BUA Cement appointed as its new chairman.
Additionally, the Cement Technology Institute of Nigeria (CTIN), dedicated to training artisans in the construction industry, will receive renewed funding—estimated between ₦15 billion and ₦20 billion annually—through a levy of ₦20 to ₦30 per cement bag sold by association members.
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Rabiu commended Minister of Works, David Umahi, for championing the use of concrete roads, describing them as more durable and cost-efficient than conventional bitumen roads.
He also praised Tinubu’s policy decision last year to implement a six-month duty waiver on specific food imports, calling it a pivotal step in combating food inflation.
Rabiu noted that BUA Foods leveraged this opportunity to import large volumes of rice, maize, and wheat, which has significantly helped to reduce food prices across Nigeria.
“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 these reductions to the elimination of hoarding practices in the rice market, made possible by increased supply 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 implemented new controls to discourage hoarding, ensuring that future attempts to manipulate prices will be ineffective.
“We’ve imported enough rice to last till the end of the year. Anyone trying to hoard now risks massive losses,” Rabiu warned, expressing hope that food prices will remain stable.
He observed that the positive impact of these falling prices has not been widely acknowledged 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 expressed gratitude to Tinubu for his leadership and vision, reaffirming BUA Group’s commitment to initiatives that drive economic growth and improve citizens’ welfare.
“We will continue to do more to support the economy and our country,” he concluded.
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