BUA Cement Plc’s management has declared a reduction in the ex-factory price of cement to N3,500 per bag, effective from October 2, 2023.
This announcement was conveyed through a statement released on Sunday on the company’s social media platform, X.
BUA Cement had previously made statements indicating its intention to lower cement prices once new production lines were completed by the end of the year, with the aim of stimulating growth in the building materials and infrastructure sectors.
However, following a periodic assessment of the company’s operations to improve efficiency, BUA Cement has decided to accelerate the price reduction and make it effective from October 2, 2023. This move is aimed at allowing Nigerians to begin benefiting from the price reduction even before the completion of the new manufacturing plants.
The statement explained: “We refer to our previous announcements about our plan to reduce cement prices upon completing our new production lines by the end of the year, to promote development in the building materials and infrastructure sectors.
“As part of our commitment to lowering prices and following a periodic assessment of our operations for efficiency, BUA Cement Plc’s management wishes to announce that, effective October 2, 2023, we have chosen to bring forward the price reduction. Consequently, BUA Cement will now be available at an ex-factory price of N3,500 per bag, allowing Nigerians to start benefiting from the price reduction even before our plants are completed.
“After the completion of our ongoing construction of new plants, which will increase our production capacity to 17 million metric tonnes per annum, BUA Cement PLC intends to further review these prices in line with our earlier statements by the first quarter of 2024.
“Please note that all pending undelivered orders that were paid for at the old prices will be adjusted downward to N3,500 per bag in accordance with the new pricing starting from October 2, 2023. Our authorized dealers are also encouraged to ensure that end-users benefit from this reduction in ex-factory prices, as we will closely monitor field sales to ensure compliance.”
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