Dangote, BUA freeze cement prices for Renewed Hope projects, launch N20bn artisan fund

By Joy Baba-Yesufu

In a significant move aimed at easing the cost of construction and addressing Nigeria’s housing deficit, leading cement manufacturers Dangote Group and BUA Group have agreed to freeze cement prices for all projects under the Renewed Hope Infrastructure and Housing Initiatives.

This was disclosed by BUA Group Chairman, Abdul Samad Rabiu, after a meeting with President Bola Tinubu at the Presidential Villa. Rabiu told State House correspondents that the two industry giants have resolved to maintain current cement prices for contractors working on government-backed infrastructure and housing projects.

“Alhaji Aliko Dangote approached me with the idea, and I immediately agreed,” Rabiu said. “We have decided that for any contractor involved in the Renewed Hope Agenda projects—cities, estates, or social housing—the price of cement will be frozen for the foreseeable future.”

He emphasized that this agreement aligns with the President’s drive to improve affordable housing and transition Nigeria’s infrastructure from asphalt to more durable concrete roads.

In a further show of support, both companies announced the creation of a ₦20 billion annual fund, which translates to about ₦30 per bag of cement sold, dedicated to training artisans in the construction sector. This initiative is expected to help bridge the skills gap and ensure the availability of qualified workers to support ongoing and future developments.

“This fund will be used to empower artisans and promote skill development across Nigeria’s construction industry,” Rabiu added.

Rabiu also announced a leadership shake-up within the Cement Manufacturers Association of Nigeria (CEMAN). As part of the ongoing reforms, Engineer Yusuf Binji, Managing Director of BUA Cement, has been appointed as the new chairman of the association.

“Engineer Binji will lead the charge to ensure all contractors under the Renewed Hope Initiative get cement at stable prices,” Rabiu said. “We are also reorganizing the Cement Technology Institute to better align with our goals.”

He also praised Minister of Works, David Umahi, for championing the switch to concrete roads, which he described as “more durable and ultimately more cost-effective” than traditional bitumen roads.