Chairman of BUA Group, Rabiu Abdulsamad, has faulted Dangote Cement and Lafarge for the rising cost of cement, stating that the situation will force his company to raise price by 11.47%, IgbereTV reports.
Abdulsamad revealed that his company, BUA Cement, had reduced its product price by 10% per bag, in order to compel his rivals to cut their prices, but none followed suit.
He made this comment during his visit to President Muhammadu Buhari over the weekend. Abdulsamad’s statement trailed the price of cement bag rising by 21.05% in December.
The market price rose from an average cost of N3,800 per bag to N4,600. The hike had forced the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to appeal to manufacturers in the construction sector to cut cement and steel prices in January 2022.
While speaking with state house correspondents, Abdulsamad said his company wiped off N350 from its cement bag price, with the ex-factory cost standing at N3,000 or N3,050.
Dangote, Lafarge to blame for current Cement cost
