BUA Cement PLC, Nigeria’s second-largest cement producer, has said that the company is in talks with the Federal Government to reduce the country’s cement price by 40 percent from the current price of ₦5,500 to ₦3,000 per bag.
Abdul Samad Rabiu, the company’s chairman, disclosed this to journalists after an audience with President Bola Tinubu at the State House, Abuja.
Rabiu stated that the price crash is part of his company’s contribution to supporting the efforts of the federal government to stabilize the price of essential commodities.
However, Nigerians reacting on Twitter eagerly await the reduction of the BUA cement price.
Via Twitter, Nwa Afor, out of experience, expressed, “Seeing is believing.”
He said, “Why wait till January???? Well, for me, I’ll only celebrate when it happens, experience has taught us so many lessons in Nigeria.”
A user, Kpebro, recalled a past event of a failed promise, starting to believe when it happened.
“This kind of news doesn’t excite me. I remember a few years ago when TStv was about to launch, we were all happy about the packages they were bringing & the prices. Before we knew what was happening, DStv did some magic & the rest is history. I will only celebrate when it happens.”
Also, Hudocks suggested an extension of cement licenses to aid a healthy competitive market.
He suggested, “Competition in market force gives rise to price reduction. If there are more licenses granted to entrepreneurs in this field, these two folks can’t breathe.”
While reacting, Nicholas Omokaro questioned the postponement of the implementation.
“What stops him from doing it now? We all knew the prices were overinflated for a commodity whose primary resource can be sourced locally. We need new players in that sector,” he asked.
Moreover, Chibueze Oguma advocates government support for BUA companies.
“God would bless him if he does so! We hope the FG will support him to break the seeming ‘monopoly’ in the cement industry.”
A Twitter user, with the username FAME, questioned the ineffectiveness of the refinery as promised.
“It’s so funny how you guys easily believe such promises, a refinery that was supposed to start producing around August according to them, how far??”
According to MultiBen Osezua, he recommended more competitors to provide healthy competition.
“Competition, oh Competition. It can even come to ₦1,200. If you have more players in the business of Cement and other Nigerian businesses, there will be healthy competition.”
Moreover, Nzekwe Celestine sensitively expressed political involvement in the development, thereby questioning the reason for postponing the commencement of the development.
Yusuf Eniodumo raised concern, stating that the rate of corruption in the country will pose difficulty in the price circulation.
“It makes no difference because before it gets to the final consumers, the price will be high. We are in Nigeria, a country where the price is never reduced.”
In the comment section, Mukhtar May Allah expressed a pragmatic view.
“Almighty guide and protect you, increase your wealth, elevate you, and may he fulfill your needs and heart desires to the best and continue his blessings upon you and reward you abundantly. Alh Abdulsamad Rabiu BUA.”
Meanwhile, Bashorun Abiodun expressed doubt in the Dangote cement support, posing his opposition as a problem in achieving the implementation of the cement price halt.
Satirically, Lawrence asked, “Please oooo, when dem go reduce money for foodstuffs, tomatoes, rice, beans, onions, bread especially yam?”
However, “Abel of Jos” commended the effort and questioned the maintenance of the quality, irrespective of the price.
He expressed, “Great initiative but hope the quality will still be maintained. So we don’t buy at a lower price and get poor-quality cement, my thought though.”
