Chairman of BUA Cement Plc, Dr Abdul Samad Rabiu, has praised the Central Bank of Nigeria’s foreign exchange reforms, saying they have eliminated the need for businesses to lobby for access to dollars. Speaking in Abuja on Monday after the company’s 9th Annual General Meeting, Rabiu described the new FX regime as transparent and market-driven, in contrast to previous systems he said created artificial scarcity and dependence on connections.

“Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive,” Rabiu said, adding that today’s unified market ensures businesses access foreign currency at the same rate through the banks. He projected that the naira could strengthen further to around N1,200/$, down from nearly N2,000 earlier this year, a trend he believes is already helping to lower the prices of cement and food.

Despite FX losses of N93.9bn in 2024, BUA Cement recorded a revenue jump from N460bn in 2023 to N877bn, with profit before tax up 48.2% to N99.63bn. Rabiu revealed that the company earned N81bn in Q1 2025 alone and expects full-year profit to hit N250bn, driven by improved production capacity, reduced FX exposure, and operational efficiencies.

The company, which recently commissioned two new cement lines in Sokoto and Edo States, now operates at a total capacity of 20 million metric tonnes annually and has no immediate expansion plans. Rabiu also announced a N2.05 per share dividend, reflecting a 94% payout ratio to shareholders.

Managing Director and CEO Yusuf Binji said BUA Cement is tackling its highest cost driver—energy—by constructing a 700-tonnes-per-day LNG regasification plant to cut energy costs and reliance on FX. The firm has also shifted service contracts to favour local content, further reducing dollar exposure and enhancing sustainability.