BUA Group has made a significant decision to lower the price of cement, with the new pricing set to take effect from October 2, 2023.
In a statement issued by the cement manufacturer, the organization has opted to expedite the price reduction, deviating from its initial plan to wait for the completion of its new production lines.
As part of this latest development, the ex-factory price has been officially set at 3,500 NAIRA per bag. This strategic move aims to grant Nigerians access to the advantages of reduced prices even before the new manufacturing plants are completed.
The statement further revealed that upon completion of the new plants which will increase BUA production volume to 17million Metric tons per annum, the company intends to further review downwards the price of cement by first Quarter of 2024 in line with earlier promise.
The statement below read; “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.”
