From Monday 2nd October, 2023, Nigerians would buy a bag of BUA Cement for N3,500 from the N5,700 that it was previously sold for.
A statement signed by the management of the company Sunday, the reduction in price is keeping with its promise of bringing down the price of the commodity when it completes its production line.
BUA Chairman Samad Rabiu, at the company’s Annual General Meeting has told journalists that Nigeria would see a reduction in the price of cement by January when its production line is complete.
However, the reduction in price is coming few months earlier that the BUA Cement Chairman said.
“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 operations for efficiency, the management of BUA Cement Plc wishes to announce to 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, tends to review these prices further in line with our earlier pronouncement by the first quarter of 2024.
“All pending, undelivered orders which had been paid for at the old price will be reviewed downwards to N3500/bag in line with the new pricing fro October 2, 2023. Our licensed dealers are also enjoined to ensure that end-use benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance,” the statement read.
