In a significant move to address Nigeria’s housing challenges and economic strain, industrial giants Dangote and BUA Group have pledged to halt any further increases in cement prices, particularly for contractors involved in the government’s Renewed Hope initiative.
The two leading cement manufacturers made this commitment as part of a broader collaboration aimed at supporting the Federal Government’s drive to deliver affordable housing and durable infrastructure. Both companies agreed that cement prices would remain fixed for projects under the Renewed Hope Housing scheme to cushion the impact of economic hardship on citizens.
Additionally, the firms announced a plan to inject N20 billion annually — translating to about N30 on every bag of cement produced — into the training of skilled workers in the country’s building sector.
BusinessDay reports that major cement producers in Nigeria are now coordinating efforts to reduce the cost of large-scale housing projects under the Renewed Hope Housing programme, which covers Renewed Hope Cities, Estates, and the Social Housing Program.
Unlike in previous years where road construction largely relied on asphalt, the present administration has shifted its focus towards constructing concrete roads as part of its infrastructural overhaul to ensure greater durability.
Following a meeting with President Bola Tinubu on Thursday, BUA Group chairman, Abdul Samad Rabiu, briefed State House correspondents about the decision. He disclosed, “We have decided. Alhaji Aliko Dangote of Dangote Cement approached me, and I agreed 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 involved with the Renewed Hope project or projects.”
He further explained, “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. That is something Alhaji Aliko Dangote actually proposed. I must give him credit, and I concur with him. So, we have agreed to do this.”
To formalize the arrangement, Rabiu noted that letters would be sent to relevant ministries, departments, and agencies. He also praised the Minister of Works, Engineer Dave Umahi, for his role in promoting concrete roads nationwide. “I also want to commend the Honourable Minister of Works, Engineer Dave Umahi, for the initiative he took to ensure that all roads are concrete. Concrete roads are more durable; they last much longer and the price will be cheaper than bitumen,” Rabiu stated.
To solidify this commitment, it was also announced that the board of the Cement Manufacturers Association of Nigeria (CEMAN) would undergo restructuring, with Engineer Yusuf Binji of BUA Cement appointed as the new chairman. Rabiu confirmed, “Engineer Binji is now the chairman of CEMAN and he will drive the agenda to ensure that all companies that need cement under the Renewed Hope initiative receive it at a price that will not be increased for quite some time. This is what we are doing to support His Excellency and the government’s initiative. We are also reorganising the Cement Technology Institute.”
Rabiu added that aside from pricing measures, the companies would finance the training of artisans in the construction industry. “We are also going to support the training of artisans in the construction industry. So, a lot of things are happening,” he remarked.
