The Chairman of BUA Group, Alhaji Abdulsamad Rabiu, has appealed to the business community and all Nigerians to exercise patience with the current administration’s efforts to stabilize the foreign exchange market. In a meeting with President Bola Tinubu, Rabiu emphasized that the BUA Group has reduced the price of cement from N4,500 to N3,500 per bag. He acknowledged that the President’s decision to reset the economy was a difficult but necessary step, as the previous system was unsustainable. Rabiu also highlighted that the foreign exchange market is already showing signs of improvement.
Addressing concerns about the impact of the reforms on the foreign exchange market, Rabiu explained that the unification of the Naira’s exchange rates was necessary, and the removal of subsidies was essential due to the country’s financial constraints. He urged everyone to be patient, as the exchange rate is gradually decreasing. Rabiu expressed optimism about Nigeria’s potential, citing its abundant resources and large population. He emphasized the importance of harnessing these resources through sectors like mining and agriculture.
Rabiu called on all Nigerians to support President Tinubu in delivering on his promises and rebuilding the nation. He acknowledged the President’s passion and commitment but emphasized that collective support is crucial for achieving stability and prosperity. Rabiu also confirmed that BUA Group has already reduced the price of cement and plans to commission additional production lines, which will further lower the price.
In conclusion, Rabiu reiterated the need for patience and unity in order to achieve a stable and prosperous Nigeria. He emphasized that supporting the government and each other is essential for the country’s progress and prosperity. Rabiu’s visit to the Presidential Villa was to congratulate President Tinubu on his recent victory at the Supreme Court, which resolved uncertainties surrounding the presidential election.