The Management of BUA Group has announced a reduction in the price of its cement from N5, 500 to N3, 500 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, BUA disclosed that it has decided to bring the price reduction forward.
This new price regime takes effect from Monday, October 2, 2023, a statement released on Sunday and signed by the management said.
The Chairman of BUA Cement PLC, Abdul Samad Rabiu, recently met with President Bola Tinubu and said the company was set to reduce the price of cement in Nigeria.
Its statement read on Sunday reads, “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”, the statement read.
“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”, added the statement.
“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 form 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.”
