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    BUA cement now N3,500 per bag – Rabiu.. Pleads for more patience with Tinubu

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    Chairman of BUA Group,
    Alhaji Abdulsamad Rabiu, has appealed to the
    business community, as well
    as private Nigerians to exercise
    a little more patience with the
    Bola Tinubu administration as it
    works to achieve stability in the
    foreign exchange market.
    Alhaji Rabiu, who made the
    appeal on Tuesday while speaking to journalists at the State
    House, Abuja, after he met met
    with President Bola Tinubu at
    the Aso Rock Villa, also maintained that the BUA Group had
    slashed the price of its cement
    from N4,500 to N3,500 per bag.
    On BUA’s promise to slash
    cement price, he said “it is actually taking effect. The price of
    cement from BUA Group has
    been reduced from N4,500 to
    N3,500 per bag, it is happening, as a matter of fact, I just discussed the issue of cement with Mr. President.
    Rabiu, explained that the
    President had taken the needed
    step to reset the economy, noted
    that though it was a hard decision to take, it was the right one
    because what the nation was
    operating hitherto was not sustainable, adding that the foreign
    exchange market had already
    started showing signs of ease.

    On the harsh effect of the reforms introduced by the administration, especially as it affects
    foreign exchange market, he
    said “the unification of the Naira (foreign exchange windows)
    needed to be done, the subsidy
    removal was needed because we
    simply could not afford what we
    were doing.
    “So I believe we should just be
    a bit patient, things are already
    getting better, if you check you’ll
    see that the exchange rate in the
    black market has gone to as high
    as N1,300 to $1, today, it’s about
    N1,150 and it will continue to
    come down.

    “A lot of issues, uncertainties
    and panic, that is settling and
    we’re seeing a situation where
    the exchange rate is coming
    down because once it gets to a
    level where people are not able
    to afford it, nobody will buy
    and if you don’t buy, it will come
    down.
    “So my message is that we
    should be patient, things will
    definitely get better. Nigeria is
    endowed with huge resources,
    we’re a country of over 220 million people with huge resources
    across the country.
    “If you look at the business

    we’re in now, the cement busi

    ness, almost 80% of everything
    we need to produce cement is
    here in Nigeria, local and those
    are the kinds of things we need
    to encourage mining, agriculture because we have the land,
    we have the people and we have
    the climate and the water.
    “So all we need to do is to
    harness these resources that
    God has endowed us with. I believe that it’s a temporary thing,
    things will definitely get better,
    we just need to be patient”, he
    said.

    He called on all Nigerians to
    come round the President to
    support him to deliver on his
    promises and to rebuild the
    country as all citizens are yearning to see a better nation.
    “During my discussions with
    Mr President, I could see the
    passion, I could see the burning desire, the commitment in
    him to deliver, but again, Mr
    President alone cannot do it, we
    need to come and support him
    to ensure that he delivers. I believe I’m speaking the minds of
    all Nigerians by that.
    “As a Nigerian and also as a
    business owner, I want to see a
    Nigeria that is stable, a country
    that is prosperous and we can
    only achieve that if we come
    together to support the government, support one another and
    support Mr President.

    “So it is our collective responsibility to do that and I’m sure
    all Nigerians will agree with me
    that the support is needed so
    that we can progress and prosper because without stability, it
    will be very hard, we’ll not be
    able to achieve the prosperity
    we need in this country.
    “So for us to prosper, we need
    to be stable, for us to be stable,
    we need to come together and
    support each other, support our
    government. Nigeria is the only
    country we have and we must
    all come together and support
    one another to ensure that we
    get the prosperity that we so
    much desire and deserve”, he
    said.

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