In comparison to other African nations, the country’s cement prices are still the lowest, according to Abdul Samad Rabiu, Chairman of BUA Cement Plc.
This is despite significant energy issues faced by the manufacturing sector.
At the company’s 2023 Annual General Meeting (AGM), which was recently conducted in Abuja, Rabiu said shareholders approved a dividend of N67 billion, or N2 per share, for the fiscal year.
According to the BUA CEO, energy consumption continues to be the cement industry’s largest obstacle, costing billions of naira.
He claimed that dealers who purchased the product at a significantly lower cost at the company’s factory and then sold it to end users at a higher price had defied the company’s promise to induce a drop in the price of cement.
According to him, the company had sold more than a million bags of cement to dealers for N3,500 each, but the dealers then marketed the product to customers for between N7,000 and N8,000.
The BUA chairman also mentioned how price reductions were unsustainable due to the devaluation of the Naira and the elimination of petrol subsidies.
Rabiu said,
He said,
TimesNow.com.ng reported that Dr. Ifeanyi Chukwunonso Okeke, the Director General/Chief Executive of the Standard Organization of Nigeria (SON), has instructed building engineers, cement manufacturers, and block makers to uphold standards to reduce the number of building collapse incidents in the country.
He said this during a one-day sensitisation training for block moulders in Abeokuta, Ogun State, on Thursday, April 18.
The DG, represented by the Director of Southwest Talatu Ethan, noted that building collapses pose a severe risk to Nigeria since they jeopardise the country’s construction industry and overall progress.
Source: TimesNow.com.ng
