AbdulSamad Rabiu, Chairman of BUA Cement, has disclosed that the company’s attempt to sell cement at a reduced price of N3,500 per bag in 2023 was undermined by market dealers.
Despite BUA’s effort to make cement more affordable for Nigerians by selling over a million tons at this lower rate, dealers were reselling the cement to consumers at inflated prices ranging from N7,000 to N8,000 per bag.
Rabiu expressed frustration that BUA could not control these dealers, who exploited the situation for significant profit margins.
He highlighted that BUA’s inability to sustain this pricing was further exacerbated by the devaluation of the Naira and the removal of fuel subsidies, which made it increasingly difficult to maintain the subsidized price.
