The Chairman of BUA Cement Company, Alhaji Abdul-Samad Rabiu, has revealed what the Federal Government needs to do to ensure crash in the prices of cement.
On Thursday in Abuja, the business tycoon said the price of cement will crash if we have more cement producers.
Nigeria currently has three major cement producers – Dangote Cement, Bua and Lafarge. Their combined 30 million tonnes per annum production does not meet rising local demand.
Rabiu said at the Annual General Meeting of his company that with increased production by additional companies, the prices of cement would tumble.
He said though an increased number of cement producers would mean more competition for him, the interests of the country and that of its people were paramount.
He urged the Federal Government to licence more cement manufacturers with a view to meeting local demand.
“The high price of cement is of great concern for me; the price is actually high. We are 210 million or 220 million people, 30 million tonnes of cement per annum is actually low for us.
“No one can really control the price because it depends on demand and supply. We are trying hard to ensure the price is not as high as it is now.
“Nigeria is growing with a huge economy; we need more plants on stream to cater to its rising demand in the country.
“Egypt produces 85 tonnes of cement per annum and the demand of cement in that country is just 50 million tonnes per annum and that is why prices of cement in Egypt are the lowest on the African continent,’’ Rabiu said.
He said that BUA’s third cement plant in Sokoto would be inaugurated by the end of 2021 while other plants were under construction.