BUA Cement, a subsidiary of BUA Group, yesterday evening announced a reduction in the price of their cement from N5000/6000 to N3,500 per bag effective from today.
The company said its action was in line with the previous commitment it made to reduce cement prices upon the completion of its new production lines at the end of the year to spur development in the building materials and infrastructure sectors.
According to the company, following a periodic review of operations for efficiency, the management of the group decided to bring the price reduction forward.
“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency upon the completion of our new lines at the end of the year, the management of BUA Cement Pic, wishes to announce and inform our esteemed customers, stakeholders and the public that effective today, October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement will now be sold at 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 17 million 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 read.
The group explained that all pending, undelivered orders, which had been paid for at the old prices, would be reviewed downwards to N3,500 per bag in line with the new pricing from today.
The company urged its licensed dealers to ensure that end-users benefit from the reduction in ex-factory prices, assuring that it would monitor field sales to ensure compliance.
It would be recalled that on September 15th 2023, Chairperson, BUA Cement Plc, Alhaji Abdulsamad Rabiu, shocked Nigerians, after meeting with President Bola Ahmed Tinubu and vowed that he will reduce the price of his cement brand to about N3,000 by January 2024. This news was met with skepticism and caution by many then as the company had made a similar promise two years ago and didn’t see it through.
BUA Cement is Nigeria’s second largest cement company and the largest producer in the Northwest, the Southsouth, and the Southeast.
It operates strategically from Okpella in Edo State and Kalambaina in Sokoto State with its headquarters in Lagos.
