Chairman of BUA Group, Abdul Samad Rabiu, on Thursday announced that the company has agreed to freeze the price of cement for all contractors engaged in projects under the Federal Government’s Renewed Hope agenda, as part of efforts to support President Bola Tinubu’s economic recovery strategy. Speaking with journalists after a meeting with President Tinubu at the Presidential Villa, he disclosed that the initiative was agreed upon in partnership with Alhaji Aliko Dangote, chairman of Dangote Cement, and is aimed at curbing cost escalations on critical infrastructure projects across the country.
“We have decided that we are going to freeze the price of cement for any contractor that is involved with the Renewed Hope projects. There will be no increase for the foreseeable future. This is our contribution to support Mr President’s Renewed Hope Initiative,” Mr Rabiu said.
Mr Rabiu revealed that the Cement Manufacturers Association of Nigeria (CEMAN) has been restructured to drive this commitment, with Engineer Yusuf Binji of BUA Cement appointed as its new chairman. He also praised the Minister of Works, David Umahi, for promoting the use of concrete roads, which he described as more cost-effective and durable than traditional bitumen-based roads, reports Tribune Online.
Meanwhile, The Cement Technology Institute of Nigeria (CTIN), which focusses on training artisans in the construction sector, will receive renewed funding – between NGN15bn-20bn (US$9.36m-12.5m) annually – via a levy of NGN20-30 per bag of cement sold by members.
