The Chairman of the BUA Group and billionaire businessman, Alhaji Abdulsamad Rabiu, has called on Nigerians to exercise patience with President Bola Tinubu’s government as it strives to achieve stability in the foreign exchange market.
Rabiu made this appeal during a discussion with the press on Tuesday, October 31, after a closed-door meeting with President Tinubu at the State House in Abuja. The billionaire emphasized that the President had taken the necessary steps to revamp the economy, despite the difficult decisions that had to be made.
Furthermore, Rabiu announced that his company, the BUA Group, had reduced the price of its cement from N4,500 to N3,500 per bag. He expressed his belief that the unification of the Naira’s foreign exchange windows was essential and that subsidy removal was necessary due to the unsustainable financial burden.
Rabiu stated, “So I believe we should just be a bit patient; things are already getting better. Nigeria is endowed with huge resources, and it’s a temporary thing. Things will definitely get better; we just need to be patient.”
He stressed the need for Nigerians to unite and support the government to ensure stability, prosperity, and progress in the country, emphasizing that President Tinubu’s commitment was evident during their discussions.
Regarding BUA’s commitment to lower cement prices, Rabiu confirmed that the reduction was already in effect. He revealed plans to commission two new production lines by the end of the year, with one line set to be inaugurated by President Tinubu in Sokoto in January. This expansion is expected to result in even lower cement prices across the country, demonstrating BUA’s readiness to support and contribute to the nation’s development.
