Nigerian billionaire Abdulsamad Rabiu is canvassing for patience with Tinubu’s administration
He said that the naira, which has begun to appreciate in the black market, will continue to do so
He also assured that the price of BUA Cement was slashed by the company from N4,500 to N3,500
Abdulsamad Rabiu, the chairman of the BUA Group, has urged Nigerian businesses to be patient with the Bola Tinubu administration as it attempts to stabilize the foreign exchange market.
He stated this to State House correspondents following his exit from President Bola Tinubu’s closed-door meeting at the Aso Rock Villa in Abuja, according to a report by Punch.
Abdulsamad Rabiu finally speaks on slashing cement price to N3,500, forex crises
Abdulsamad Rabiu, the chairman of the BUA Group, urges Nigerians to be patient as things will get better. Photo Credit: Bua Group Source: UGC
Rabiu also insisted that the BUA Group has cut the price of a bag of cement from N4,500 to N3,500.
Rabiu says Tinubu’s move is essential
To stabilize the economy, Rabiu viewed Tinubu’s move to unify the FOREX window as a challenging but essential step.
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.
He said that a lot of problems, uncertainty, and panic are subsiding, and “we are witnessing a situation where the exchange rate is declining because, if it reaches a point where people cannot afford it, no one will purchase, and if you do not purchase, it will decline.”
He therefore urged Nigerians to be patient as things will get better. He resounded that the country, with a population of 220 million, has vast resources.
During his discussion with Tinubu, Rabiu said he could see the passion to deliver in the president. However, he urged Nigerians to support the president to ensure he delivers.
Rabiu insists cement price is slashed to N3,500
According to Rabiu, the price of cement from BUA Group has dropped from N4,500 to N3,500, indicating that the reduction is indeed having an impact.
He said that before December 31, 2023, and in January 2024, BUA intends to commission two more cement manufacturing facilities.
He stated:
We’ll have more volumes, and once that occurs, the price of cement will go down, below what we have nationwide, and we’re ready to do that, we’re ready to support.
Meanwhile, Legit.ng reported that Marketers are selling the price of Bua cement above N5,000 even after the company said it is slashing the price.
After announcing plan to drop cement prices, Abdulsamad Rabiu joins top 500 world billionaires again
Abdul Samad Rabiu, a billionaire businessman, has returned to the list of the world’s 500 wealthiest billionaires, Legit.ng reported.
This comes after a turbulent time of financial instability following Nigeria’s currency devaluation in June. Rabiu’s net worth has reportedly increased by an astonishing $390 million, according to the Bloomberg Billionaires Index, which keeps track of the assets of the world’s wealthiest billionaires.
His net worth has increased from $4.79 billion on June 23 to a current estimate of $5.18 billion, which is generated from shares in his publicly traded enterprises..…CONTINUE.FULL.READING>>>
