BUA Cement has announced that the reduction of the price of a bag of its cement to N3,500 will take effect on Monday, October 2nd, 2023.
This was disclosed in a statement signed by its management on Sunday.
The implementation of the price slash comes on the heels of the promise made by Abdul Rabiu, the company’s chairman after meeting with President Bola Tinubu at the State House in Abuja.
The statement reads, “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, 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 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.
“NOTE: All pending, undelivered orders that had been paid for at the old prices will be reviewed downwards to N3500 per bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices, as we will monitor field sales to ensure compliance.”
