BUA Reduces Cement Price, Plans Further Review
BUA Cement Plc has announced a steep reduction in the price per bag of its cement, a strategic move supported by consistent capital investment to boost volume growth. In a statement released today, the company said it has officially reduced ex-factory cement prices to N3,500 per 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 its 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”.
BUA said upon completion of the ongoing construction of its new plants, which it expects to increase production volumes to 17 million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with earlier pronouncements by the first quarter of 2024.
Management said 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. Naira Devaluation Deepens Economic Crisis in Nigeria
