The management of BUA Group has announced a reduction in the price of its cement from N5, 500 to N3,500 per bag effective Monday October 2nd, 2023.
Recall, AbdulSamad Rabiu, chairman of BUA Group, had earlier revealed the company’s intentions to lower the price of cement in Nigeria when it completes its new plants in 2024.
Rabiu cited the move as a part of their commitment to supporting the federal government’s efforts to alleviate the financial burden on the Nigerian population.
But in a statement on Sunday via its X account, formerly Twitter, BUA disclosed that it has decided to bring the price reduction forward.
Read the full statement below:
BUA Cement reduces ex-factory cement prices to N3,500/bag effective October 2, 2023.
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 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 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.
NOTE: 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.
Signed:
Management
01 October, 2023
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