BREAKING NEWS: Dangote, BUA Freeze Cement Prices for Federal Projects to Support Tinubu’s Economic Plan

ABUJA — In a major move to stabilize Nigeria’s construction sector, BUA Group Chairman, Abdul Samad Rabiu, has announced a cement price freeze for all contractors handling projects under the Federal Government’s Renewed Hope agenda. This strategic decision, made in collaboration with Dangote Cement, aims to support President Bola Tinubu’s economic recovery plan.

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Rabiu revealed the development on Thursday after a high-level meeting with President Tinubu at the Presidential Villa, Abuja. Discussions also centered on BUA Foods’ ongoing efforts to reduce food prices across Nigeria.

Speaking to journalists, Rabiu emphasized that the freeze on cement prices will apply to all government-backed projects, helping to prevent cost overruns on critical infrastructure. “We have agreed that there will be no increase in cement price for contractors involved in the Renewed Hope projects,” he stated. “This is part of our commitment to support President Tinubu’s vision for economic growth and development.”

Rabiu also confirmed that the Cement Manufacturers Association of Nigeria (CEMAN) has been restructured, with Engineer Yusuf Binji of BUA Cement appointed as its new chairman. Additionally, the Cement Technology Institute of Nigeria (CTIN) will now receive annual funding of ₦15 to ₦20 billion, financed through a ₦20–₦30 levy per bag of cement.

The BUA chairman commended the Minister of Works, David Umahi, for pushing the adoption of concrete roads, which he described as more cost-effective and durable than bitumen-based alternatives.

On the food front, Rabiu praised Tinubu’s earlier policy of granting a six-month duty waiver on food imports, which allowed BUA to bring in large volumes of rice, maize, and wheat. This, he said, disrupted hoarding practices and helped crash prices.

“At the peak of the crisis, a 50kg bag of rice cost over ₦110,000. Today, it’s around ₦60,000,” Rabiu said. “Maize dropped from ₦60,000 to ₦30,000, and flour from ₦80,000 to ₦55,000. We’ve imported enough to last until year-end.”

He warned those still hoarding to desist, saying the Rice Millers Association has taken steps to prevent future manipulation of prices.

Rabiu concluded by commending President Tinubu’s policy direction and reaffirming BUA’s commitment to economic stability: “We will continue to do more to support the Nigerian economy and its people.”

Stay with us for more updates on this developing story.