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We Reduced Our Cement X- Factory Price To N3500, But Other Players Took Advantage Of Our Gesture’ -BUA Group

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We Reduced Our Cement X- Factory Price To N3500, But Other Players Took Advantage Of Our Gesture’ -BUA Group

We Reduced Our Cement X- Factory Price To N3500, But Other Players Took Advantage Of Our Gesture’ -BUA Group

The Group Executive Director of BUA Group, Kabir Rabiu, has reaffirmed that there was a price reduction for BUA cement from N5,500 to N3,500 per bag, with take-off date for the new rate from October 2nd, 2023.
We Reduced Our Cement X- Factory Price To N3500, But Other Players Took Advantage Of Our Gesture’ -BUA Group
Kabir Rabiu, while reacting to the question on if ‘the BUA Cement price bonanza was actually delivered or not’ in ARISE News segment of the ‘MACRO ECONOMICS OF CEMENT PRICES’, within the wider state of the economy, said the price reduction was carried out from October 2nd, 2023 in line with the commitment of Alhaji Abdul-Samad Rabiu, Chairman of the BUA Group to ensure the accessibility and affordability of the product for Nigerians.
According to him, “Federal Government can only do so much, but without the support of the other producers and middlemen being called to order, the average Nigeria will suffer”.
He said: “BUA cement price reduction actually did happened. Our chairman made the commitment, and we actually fulfilled the commitment by running it for five months.
“We reduced our cement across our plant to N3500, but that was actually x-factory price.
“But, as you know industries such as cement in Nigeria, when we do this kind of commitment, we were expecting other players to come along because if you look at the industry where we are operating our market share of 30 -32% and for us to make this gestures, other players were not doing it, and turn out to be very difficult for it to be fully implemented.
“And so, we ran the programme for almost five months, and because other players did not follow suit the distributors and the middleman began to take advantage of our gesture.
So, what happened was that even though we were selling the cement at N3500 in order to support the economy and the users, there was no direct benefits at least to the end users because other players were selling at previous higher prices.
And with that it turn out to be increasingly difficult for us to continue, and whilst we were doing that the cost began to go up, and we were forced to change our position a little bit.
And while we were doing that we also discovered that some of our plants had some issues and that reduced production.
“We do not know whether it was by choice or it was a sort of maintenance, and so that put an enormous pressureon our cement supplies to meet the increasing demand and therefore, even widen the gap between what we were selling in the market xfactory and what the market was”.
It would be recall that Rabiu, Chairman of BUA Group, in conversation with State House Correspondents following a visit to President Bola Tinubu in Lagos last year, stressed that despite various challenges, BUA is determined to ensure the accessibility and affordability of the product for customers.
He said: “You know the price that we have set will be N3,500 per bag. You know x factory of course plus VAT and then delivered to customers depending on the region,”
As you know, the factories that we have; one is in Edo, the other one is in Sokoto state. So for example, if you want us to deliver cement to you from Sokoto say to Lagos from Adamawa or to Maiduguri, the distance is quite far. So dependent on the distance and dependent on the location. You know the price changes but we intend to keep that promise”
According to him, the cement company site in Sokoto that would be inaugurated by January 2024 is expected to further expand the market across the country.
“We anticipate a combined annual production volume of about six million tonnes from these sites, which we expect to significantly impact the market. While facing some challenges, we are actively working to address and resolve them,” Rabiu stated
@Daily independent

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Abdul Samad Rabiu, Elumelu, Dangote make Tinubu’s economic advisory panel

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Abdul Samad Rabiu, Elumelu, Dangote make Tinubu’s economic advisory panel

Abdul Samad Rabiu, Elumelu, Dangote make Tinubu’s economic advisory panel

 

President Bola Tinubu has created an economic advisory committee comprising the federal government, sub-nationals and the private sector.

 

 

This resulted from talks between the President and key stakeholders at the State House, Abuja, on Sunday evening.

Abdul Samad Rabiu, Elumelu, Dangote make Tinubu’s economic advisory panel

 

The development came as the falling naira exchange rate, rising inflation and other economic headwinds have continued to worsen the cost of living crisis.

Some of the prominent members of the private sector that made the list include the Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote.

 

 

Speaking at the meeting on behalf of the federal government, Tinubu said the goal “is to provide additional efforts” in stabilising the economy and ensuring the “best economic future” for Nigerians.

He said, “Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. As I have said many times, the people of this country are only the people we have to please.

“And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well. We’re looking for additional efforts that’s might help the downtrodden Nigerians and we will provide hope and reassurance that economic recovery is on its way.

 

 

“We are not saying that we have all the answers. But we will not be blamed for not trying. We assure Nigerians that we will do our best to get our marshall plan in place and fashion out the best economic future for this country.”

At the meeting,  Tinubu discussed food security, job creation and the exchange rate.

Dangote, who was part of the private sector delegation on the committee, said Sunday’s gathering stakeholders the opportunity to clarify the specifics of their roles in President Tinubu’s Renewed Hope Agenda.

He explained, “I think we had a very good meeting. What we discussed is generally about the economy, food security and security of the nation. We discussed everything in detail.

 

 

“The economic presidential advisory committee which has been set up…will look at all the issues and address them, coming from job creation and food security.

“So, all these things have been discussed in detail. I can’t give you all the details right now, but we are hopeful and we’re a great nation. We have what it takes to turn around the economy and we’re going to do that.”

Meanwhile, Elumelu noted implementing the decisions made that the gathering “will have propel our economy and help alleviate the poverty in the land, help create employment and help put food on the table of Nigerians.”

 

 

The Chairman of the BUA Group, Abdul Samad Rabiu, revealed that the committee held frank and exhaustive discussions with the President on the foreign exchange rate.

Citing the recent volatility of the naira against the dollar, Rabiu said, “We discussed on how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial. It is manipulative and thank God the CBN is doing quite a lot.”

Meanwhile, states have expressed readiness to partner with the federal government’s welfare interventions to alleviate the hardship on Nigerians. They said the advisory committee’s decision would only yield results when execution is prioritised.

Governor Dapo Abiodun of Ogun State said, “As a governor, I can assure you that all hands on deck. All governors have resolved to join hands with Mr president to ensure that he provides the necessary intervention to cushion the effect of what we’re going through while we are waiting for the implementation and the evidence of the fiscal and monetary policies already in place.

“In my state and other states, we are bringing in rice, we’re bringing food items and selling at rates that can be obtained before the downslide of the naira. So we are going to be doing all these to bring succour to the common man until we begin to see the evidence of the fiscal and monetary policies.”

On his part, Governor Charles Soludo of Anambra State said the tripartite committee “will be meeting from time to time to evaluate how things are going and make recommendations to Mr. President and the nation as well.”

The Director-General of the Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir, affirmed that the private sector “will play a very significant role” in promulgating workable recommendations to the President on economic matters.

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Real Estate: A Steadfast Path to Financial Growth and Security

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Real Estate: A Steadfast Path to Financial Growth and Security

 

 

In times of economic uncertainty, real estate stands out as a reliable avenue for financial growth and securing one’s future. While other investment options may falter amidst market volatility, property ownership remains a cornerstone of stability, offering long-term appreciation and tangible asset security.

Introducing one Adron Homes finest, Rosewood Park and Gardens a destination where luxury meets affordability, creating an unparalleled living experience for residents. Meticulously designed homes boast premium finishes and modern amenities, ensuring a lifestyle of comfort and sophistication without compromising on affordability. Whether it’s enjoying leisurely strolls in lush green spaces or unwinding in the tranquility of well-appointed residences, Rosewood Park and Gardens offers a haven of luxury within reach.

Situated in the thriving city of Ibadan, Oyo State, Nigeria.Nestled within the picturesque landscapes of Bako Apata in Ibadan, Rosewood Park and Gardens boasts a strategic location that ensures unrivaled accessibility to essential amenities and major transportation hubs. Residents will enjoy seamless connectivity to schools, hospitals, shopping centers, and business districts, making everyday living convenient and hassle-free. This prestigious estate redefines the concept of modern living, offering residents an unparalleled blend of opulence, convenience, and value.

Owing a piece of Rosewood Park and Gardens not only provides a luxurious living experience but also guarantees peace of mind and security for the future. With Adron Homes’ commitment to quality and excellence, residents can rest assured knowing that their investment is safeguarded against market fluctuations and economic uncertainties. Moreover, the gated community offers enhanced security measures, ensuring a safe and secure environment for families to thrive.

Are You looking at securing a genuine and affordable properties this season ? Then look no further ,You can have a walk-in Visit into Any Of Adron Homes Branch Offices Nationwide or check their website on :www.adronhomesproperties.com ,Or simply call : +2348022122490,+234 705 527 7727 and +234 802 323 6621 for further enquiry and site inspection…

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