BUA Cement has announced a reduction in the ex-factory price of its cement from ₦5,500 to ₦3,500.
The company made the announcement on its X page on Sunday.
The announcement comes a few weeks after Abdul Samad Rabiu, the company’s chairman, met with President Bola Tinubu and promised to review the price of the product.
BUA Cement’s move follows it’s earlier hint about reducing cement prices upon the completion of its 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,” the cement manufacturer said in the statement on X.
“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.”
Read also: Cement price war in the offing as BUA pledges cut to N3,000
The company also noted that all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/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,” the company said.
