Nigerian cement manufacturer BUA Cement has announced a reduction in prices months ahead of schedule in a bid to ease building costs for consumers.
Effective October 2nd, 2023, BUA will lower the ex-factory price per bag of cement to N3,500.
BUA had originally slated the price cut for early 2024 upon completion of new production plants.
However, the company decided to push up the timeline after an efficiency review, passing savings down to customers immediately.
The substantial price decrease aims to spur development by making cement more affordable for Nigerians undertaking construction projects.
BUA remains committed to further reducing costs when the new 17 million metric tonne capacity plants begin operations.
This latest price slash represents BUA’s consumer-focused approach and dedication to enabling infrastructure growth through fair cement pricing.
READ THE PRESS RELEASE BELOW…
Sunday, October 1, 2023
REDUCTION IN PRICES OF BUA CEMENT
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
