Dangote and BUA Groups have agreed to stabilise cement prices for contractors executing projects under the Federal Government’s Renewed Hope Agenda, pledging not to raise prices in the near future.

The Renewed Hope Housing projects—including Renewed Hope Cities, Estates, and Social Housing initiatives—are part of a nationwide effort to provide affordable housing.

Speaking to journalists at the State House, Abuja on Thursday after meeting with President Bola Tinubu, BUA Group Chairman, Abdul Samad Rabiu, said the decision followed a proposal by Dangote Cement Chairman, Alhaji Aliko Dangote.

“We have agreed to freeze cement prices for all contractors working on Renewed Hope projects. There will be no increase for the foreseeable future,” Rabiu said.

He commended the Minister of Works, Dave Umahi, for advocating the use of concrete in road construction, which he said is more durable and cost-effective than bitumen.

Rabiu noted that despite inflation and foreign exchange pressures, cement prices in Nigeria remain competitive globally – currently around N10,000 per bag, equivalent to $120 per tonne.

To ensure compliance, BUA’s Managing Director, Yusuf Binji, has been appointed Chairman of the Cement Manufacturers Association of Nigeria (CEMAN), which will oversee the price stabilisation initiative.

In a related development, cement manufacturers have agreed to contribute N20–N30 per bag towards revamping the Cement Technology Institute of Nigeria (CTIN), raising up to N20 billion annually to train artisans and close the construction industry’s skills gap.

“CTIN will be revived not just for training, but to consolidate our progress in local cement manufacturing,” Rabiu said. Aliko Dangote will continue as CTIN chairman, with Alhaji Dahiru Mangal of Mangal Cement joining both CEMAN and CTIN.

On food supply, Rabiu reported that BUA Foods’ import interventions had significantly reduced prices of essential staples. He credited President Tinubu’s temporary duty waivers for key imports last year.

“Rice now costs about N60,000 per 50kg bag, down from N110,000. Flour is N55,000 and maize N30,000. These declines disrupted hoarding and helped consumers,” he said.

He added that strategic imports had curtailed speculators who hoarded local paddy to drive up prices.

“The hoarders are losing money because we crashed the market with supply,” he noted.

The Rice Millers Association, he added, has pledged to maintain steady supply and discourage hoarding.

Rabiu concluded by affirming private sector support for President Tinubu’s infrastructure and economic stabilisation efforts.