The management of BUA Cement PLC has announced the reduction of the price of its cement to N3,500 per bag.
This was contained in a statement issued by the management on Sunday evening.
According to the statement, the reduction will be effective from October 2, 2023.
The company said the price reduction was in line with its commitment to spur development in the building materials and infrastructural sectors.
This development is coming weeks after the company’s chairman, Abdul Samad Rabiu, after meeting with President Bola Tinubu, promised to review the price of the product.
‘We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
‘As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.
‘Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.’ the statement reads.
The company noted that all pending, undelivered orders which have been paid for at the old price will be reviewed downward to N3,500 per bag, in line with the new pricing from October 2, 2023.
It directed its licensed dealers to ensure the price adjustment is reflected in the end-user prices as they will monitor field sales to ensure compliance.
