✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live
SPONSOR AD

BUA Group to reduce cement cost

The Chairman of BUA Group, Abdul-Samad Rabiu, has revealed that BUA Cement has concluded plans to reduce the cost of its cement across the country…

The Chairman of BUA Group, Abdul-Samad Rabiu, has revealed that BUA Cement has concluded plans to reduce the cost of its cement across the country as part of efforts to support the federal government’s economic plans.

Rabiu, who stated this Thursday at the 7th Annual General Meeting of Bua Cement which was held in Abuja, said the company intends to achieve its target by improving the production capacity of its cement-producing plants.

“By the end of the year, we intend to have two more production lines on stream which will boost our production capacity by at least 40 per cent to 70 million tons.

“The idea of increasing production capacity is to see how we can be able to drop prices on our part to support the government’s efforts because importation will not be the best solution.

“The average price of cement in Nigeria is N4,500 which translates into N90,000 per ton or $100. So if the government threatens to start importing cement, it will even cost them more because the forex is now high and when you bring it through the ports, you must pay taxes, trucking and other levies which will add to the price,” he noted.

At the AGM, Rabiu also announced a dividend payment of N2.80k per share to shareholders, higher than the N2.60k shared in the previous year.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.

UPDATE: Nigerians in Nigeria and those in diaspora can now be paid in US Dollars. Premium domains can earn you as much as $17,000 (₦27 million).


Click here to start earning.