BUA Takes Steps to Stabilize the Economy: Cement Price Freeze and Affordable Food

BUA Takes Steps to Stabilize the Economy: Cement Price Freeze and Affordable Food as Part of Tinubu's Plan

BUA Group Chairman, Abdul Samad Rabiu, announced a strategic move to freeze cement prices for all contractors involved in the Federal Government's Renewed Hope agenda projects.

This initiative, backed by Dangote Cement and in alignment with President Bola Tinubu's economic recovery efforts, aims to stabilize infrastructure costs. Rabiu attributed the current high cement prices to the naira's depreciation but assured that no hikes would affect key government projects.

The Cement Manufacturers Association of Nigeria (CEMAN) has been restructured, appointing BUA Cement's Yusuf Binji as chairman, while the Cement Technology Institute of Nigeria (CTIN) will receive ₦15–₦20 billion annually to train construction artisans.

On food inflation, Rabiu credited the government's six-month import duty waiver for enabling BUA Foods to flood the market with rice, maize, and wheat, leading to significant price drops.

He warned against hoarding and affirmed BUA's continued support for initiatives that bolster economic stability and reduce public hardship.