In a major boost to President Bola Ahmed Tinubu’s Renewed Hope Agenda, Nigeria’s top cement manufacturers have agreed to significantly reduce the cost of cement for all federal infrastructure projects.
Chairman of BUA Group, Alhaji Abdul Samad Rabiu, who disclosed this after a closed-door meeting with the President at the State House on Thursday, said the decision was a joint move with Aliko Dangote of Dangote Cement to support the administration’s infrastructure development drive.
“We have decided that we are going to freeze the price of cement for any contractor involved with the Renewed Hope projects. There will be no increase for the foreseeable future. This is our way of supporting Mr. President’s initiative,” Rabiu said.
He explained that the current cement price, despite economic challenges, remains within global averages.
“Even at N10,000 per bag, that’s about $120 per ton, which is in line with global pricing,” he noted, adding that despite rising input costs, especially in energy and spare parts, which are largely dollar-dependent, manufacturers remain committed to the national cause.
To ensure consistency across the industry, BUA’s Managing Director, Engineer Yusuf Binji, has now been appointed Chairman of the Cement Manufacturers Association of Nigeria (CEMAN). His task is to coordinate compliance and maintain price stability for all federal projects under the Renewed Hope Agenda.
Beyond price cuts, cement manufacturers are also joining hands to address a critical skills gap in Nigeria’s construction sector. Rabiu announced plans to revive the Cement Technology Institute of Nigeria (CTIN), with manufacturers pledging to contribute N20 to N30 per bag sold—an initiative expected to generate between N15 billion to N20 billion annually.
“We’re revamping CTIN not just to train artisans, but to sustain the gains we’ve made in local cement manufacturing,” Rabiu said.
He added that Aliko Dangote will continue to serve as Chairman of CTIN, while Alhaji Dahiru Mangal of Mangal Cement has been newly admitted into both CEMAN and CTIN to bolster industry-wide collaboration.
On another front, Rabiu highlighted BUA Foods’ role in stabilising food prices through strategic imports, enabled by President Tinubu’s temporary six-month duty waiver on essential commodities last year.
“Rice is now about N60,000 per 50kg bag, down from N110,000 last year. Flour has dropped to N55,000 and maize to N30,000. This was made possible by the President’s bold six-month waiver policy, which disrupted hoarding and brought relief to consumers,” he explained.
Rabiu said the move helped counter the activities of speculators who hoarded local produce to artificially drive up prices.
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“Those hoarders are now losing money because we crashed the price with available stock,” he stated.
He added that the Rice Millers Association has now committed to discouraging hoarding and ensuring a stable rice supply.
“We now have enough rice to last through the year. Even when the harvest starts, farmers will get fair prices, but hoarders won’t be able to manipulate the market,” Rabiu assured.
He commended President Tinubu for taking decisive steps to stabilise the economy and drive infrastructure development, pledging continued support from the private sector.
“Mr President was satisfied with our report. He encouraged us to do more, and that’s exactly what we intend to do,” Rabiu concluded.
