The Federal Government has commended Bua Cement PLC for the significant drop it has announced in the price of its 50-kg bag of cement.
The Minister of Housing and Urban Development, Arc Ahmed Musa Dangiwa, lauded the cement giant for reducing the price of cement to N3,500 from about N5,500.
He stated that this reduction was a very positive response to promote savings among Nigerian home builders.
He said the proactive gesture was in line with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, to provide affordable housing to Nigerians.
This commendation is contained in a statement signed by the Deputy Director of Information, Salisu Haiba Badamasi, in the Ministry of Housing and Urban Development.
The statement said the Minister made these remarks in response to BUA Plc’s official announcement on Sunday, October 1, 2023, regarding the reduction in the price of cement in Nigeria.
The statement further said: “He underscored that the soaring cost of cement has led to a drastic increase in house prices, making them unaffordable for the average Nigerian.”
Dangiwa, in the statement, said: “BUA Cement Plc’s decision represents a substantial stride towards easing the financial burden on aspiring homeowners.
He emphasised that since assuming office, he has made promoting the delivery of affordable housing a top priority in line with the Renewed Hope Agenda of Mr President.
“The escalating prices of building materials, especially cement, have placed a daunting obstacle on the path to homeownership for many Nigerians. BUA Cement Plc’s decision to reduce the price of cement to N3,500 is highly commendable.
It reflects their understanding of the struggles faced by ordinary Nigerians and is a positive step towards making housing more affordable and attainable for all,” he noted.
“I commend BUA Cement Plc for their socially responsible decision to reduce the price of cement. Accessible and affordable housing is a fundamental right, and this move by BUA Cement Plc will undoubtedly alleviate the challenges faced by our citizens.
It demonstrates a shared commitment to improving the lives of our people and furthering the goals of sustainable urban development.”
The Minister further stated that BUA Cement Plc’s initiative will not only benefit individual homeowners but will also stimulate economic growth, create jobs, and lift many Nigerians out of poverty by fostering affordable housing construction and infrastructure development.
Accordingly, the Minister called on other industry players to emulate BUA Cement Plc’s example, urging them to consider the social impact of their decisions, which would drive access to housing for many Nigerians.
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