One of the leading cement brands in Nigeria, BUA Cement Plc has announced a reduction in the ex-factory price of its cement to N3,500 per bag, effective from October 2, 2023.
The company announced this in a statement on its X handle on Sunday evening.
BUA Cement reduces ex-factory cement prices to N3,500/bag effective October 2, 2023.
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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… pic.twitter.com/AWNTXBy2mY— BUA Group (@BUAgroup) October 1, 2023
Issues bordering on cement prices in the country generated hues and cries in the last few weeks as a report stated that Dangote Cement sells a bag of cement in Nigeria, its production base at N5,200 as against a reduced price of N1,500 which it sells it in neighbouring Seme, Benin Republic.
READ: BUA Moves To Crash Cement Price To N3,500 After Meeting Tinubu
According to the BUA Cement, “This decision comes earlier than expected, as the company aims to accelerate development in the building materials and infrastructure sectors.
“In line with their commitment to reducing prices, the company conducted a periodic review of their operations for efficiency, leading to this price reduction. By bringing this forward, Nigerians can now benefit from the lower prices even before the completion of their new plants.
“Currently, BUA Cement produces 17 million metric tonnes per annum. Upon the completion of their ongoing construction of new plants, they intend to further review and adjust prices in the first quarter of 2024, as previously announced.
“Customers who have pending orders paid for at the old prices will have their orders reviewed downwards to the new price of N3,500 per bag from October 2, 2023. BUA Cement has urged their licensed dealers to ensure that end-users also benefit from this reduction in ex-factory prices, as field sales will be monitored for compliance.
“The management of BUA Cement Plc signed the announcement on October 1, 2023, ensuring transparency and accountability in their pricing strategy,” the statement said.
- Sodiq Yusuf
Yusuf Oketola is a trained journalist with over five years of experience in the media industry. He has worked for both print and online medium. He is a thorough-bred professional with an eye of hindsight on issues bothering on social justice, purposeful leadership, and a society where the leaders charge and work for the prosperity of the people.
