Renewed Hope: Dangote, BUA Group Pledge Price Freeze on Cement

To alleviate economic hardship, leading cement manufacturers in Nigeria—Dangote Cement and BUA Group—have committed to maintaining stable cement prices for contractors working on construction projects under the federal government’s Renewed Hope initiative.

Additionally, the cement manufacturers announced the establishment of a ₦20 billion annual fund (approximately ₦30 per bag of cement produced) dedicated to training artisans in the construction industry.

Information gathered indicates that the cement producers are working together to reduce housing costs for projects under the Renewed Hope Housing initiative, which encompasses Renewed Hope Cities, Renewed Hope Estates, and the Renewed Hope Social Housing Programme.

This development comes after the current administration’s announcement of a shift toward concrete road construction, instead of the previously predominant asphalt approach. This policy forms part of comprehensive federal government efforts aimed at delivering more durable road infrastructure and affordable housing for Nigerians nationwide.

Abdul Samad Rabiu, Chairman of BUA Group, revealed these plans while speaking to State House journalists following his meeting with President Bola Tinubu on Thursday. During the briefing, he explained their decision to support the President’s initiative addressing Nigeria’s significant housing deficit.

“We have decided. Alhaji Aliko Dangote of Dangote Cement approached me, and I concurred with him that we should do everything to support Mr. President’s Renewed Hope Agenda. We have decided that we are going to freeze the price of cement for any contractor that is involved with the Renewed Hope project or projects,” he noted.

“What this means is that for any company or individual involved in a project under the Renewed Hope initiative, the price of cement will be frozen. There will be no increase for the foreseeable future.

“We are doing this to support Mr. President’s Renewed Hope initiative. And that is something that Alhaji Aliko Dangote actually proposed. I must say, I must give him credit, and I concur with him. So we have agreed. We are going to do that.”

Rabiu mentioned that they would formalise this commitment by sending official correspondence to relevant government ministries, departments, and agencies.

“I also want to commend the Honourable Minister of Works, Engineer Dave Umahi, for the initiative he took to ensure that all the roads are concrete. Concrete roads are more durable. They last much longer in terms of durability, and the cost is going to be cheaper than even bitumen,” Rabiu said.

The BUA chairman also announced the restructuring of the Cement Manufacturers Association of Nigeria (CEMAN) board as part of their implementation strategy.

“Engineer Yusuf Binji of BUA Cement has been appointed as the new chairman of CEMAN so that we can ensure this project, in collaboration with the ministry, is executed effectively.

“So, Engineer Binji is now the chairman of CEMAN, and he is going to push and drive that agenda to ensure that all the companies that need cement under the Renewed Hope initiative get it at a price that will not be increased for quite some time. This is what we are doing to support His Excellency and to support the government’s initiative. We are also reorganising the Cement Technology Institute.

“We are also going to support the training of artisans in the construction industry. So, a lot of things are happening,” the BUA chairman said.