Cement Company, BUA Group, have said that in spite of over 40 per cent recent rise in cement price in Nigeria, the country still retains the most affordable pricing for the commodity in Africa.
Speaking to newsmen in Abuja, BUA Group Chairman/Chief Executive Officer, Abdul Samad Rabiu said the price of cement in Nigeria remains the most competitive when compared to other countries in Africa.
In August this year, the price of cement per 50kg rose by more than 40 per cent from N1,400 to N2,350 and has since hovered between N2,200 and N2,300.
Samad Rabiu also noted that he does not foresee any possibilities of price reduction in the near future. Hear him;
“If you look at the price of cement today, vis-a-vis the price cement is selling in other countries, even in Africa, in terms of dollars, you would see that the price of cement in Nigeria today is probably the cheapest.
“The price we are selling today translates to less than $100 per tonne. I do not believe that you can see a $100 for cement anywhere in Africa today.
“So, the price is not expensive, it is very competitive compared to what other countries are selling but again you would not see it because it is priced in Naira.
“Also if you look at the price regime from five years ago to what we have today, you would see that the price of cement is more or less cheaper than what it was then. So I do not believe that it would be realistic to say that there will be any price reduction for now.”
He said what Nigerians should be hoping for is no further cement price increases adding that the company is working very hard to ensure it maintains the current price.
The company acknowledges that Nigerians are suffering because the economy is not at its best, but the BUA Group boss, however, said they have to be realistic as there are lots of inputs that may necessitate price increase but it will not be much.