Why BUA Couldn’t Sell Cement For ₦3,500, Abdulsamad Rabiu

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BUA Cement PLC has spoken about cement prices in Nigeria, the frustrations they face as a company, and other back issues.

Speaking at the 8th Annual General Meeting, Chairman of BUA Cement, Abdulsamad Rabiu recalled how his company wanted to sell cement for as low as ₦3,500 per bag last year but was frustrated by other dealers.

Other factors include the naira devaluation and the subsidy removal which made the policy unsustainable.

According to Rabiu, most dealers took advantage of the policy and were selling far above the low price. Some sold for ₦7,000 to ₦8,000 per bag.

He said only a ton was sold for ₦3,500, but the dealers refused, and sustainability was not visible for the company as that of dealers could not be subsided.