BUA: Housing Minister Says Lowering Cement Price Will Ease Burden on Potential Homeowners

Emmanuel Addeh in Abuja

The Minister of Housing and Urban Development, Ahmed Dangiwa, yesterday said BUA Cement Plc’s recent decision to reduce the price of cement to N3,500 from about N5,500 would ease the burden on potential homeowners.

Dangiwa, stated that the proactive gesture would reduce the cost of cement, which is a major cost in housing construction. He stressed that the move supports the ‘Renewed Hope Agenda’ of President Bola Tinubu to provide affordable housing to Nigerians.

The minister who applauded the company, made the remarks in response to BUA Plc’s October 1 official announcement reducing the price of cement in Nigeria.

According to a statement from the ministry, Dangiwa noted that the move by BUA Cement underscored that the soaring cost of cement had led to a drastic increase in house prices, making them unaffordable for the average Nigerian.

The minister added that BUA Cement Plc’s decision represented a substantial stride towards easing the financial burden on aspiring homeowners.

Dangiwa emphasised that since assuming office, he had made promoting the delivery of affordable housing as a top priority in line with Tinubu’s mission to ensure more Nigerians are sheltered.

 “The escalating prices of building materials, especially cement, have placed a daunting obstacle on the path to home ownership 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.

“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,” he noted.

The minister further stated that BUA Cement Plc’s initiative would not only benefit individual homeowners but would also stimulate economic growth, create jobs, and lift many Nigerians out of poverty by fostering affordable housing construction and infrastructure development.

Accordingly, Dangiwa encouraged other industry players to emulate BUA Cement Plc’s example, urging them to consider the social impact of their decisions.

The minister expressed the belief that collaborative efforts between the government and private sector entities were essential in overcoming the challenges related to housing affordability and ensuring the realisation of decent living conditions for every Nigerian citizen.

BUA, one of Nigeria’s leading cement producers, had announced a reduction in the price of its cement to N3,500 per bag, effective from Monday, October 2, saying that the price reduction was a commitment made by the company to spur development in the building materials and infrastructure sectors.

“BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that, effective October 2, 2023, we have decided to bring the price reduction forward.” the statement said.