BUA Cement, one of Nigeria’s leading cement manufacturers, has announced a substantial reduction in the price of cement.
This reduction, which was initially anticipated to coincide with the completion of new production lines, has been brought forward to commence on October 2, 2023.
Under the new pricing structure, the ex-factory price of BUA Cement has been fixed at 3,500 Naira per bag, ensuring that Nigerians can begin to enjoy the benefits of this price reduction even before the new plants are completed.
Furthermore, BUA Group stated its intention to review cement prices again by the first quarter of 2024 upon the successful completion of the new plants. These new plants are expected to significantly boost production capacity, increasing it to 17 million metric tons per annum.
The statement from BUA Group reads as follows: “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 17 million 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.”
“The decision to reduce cement prices is expected to have a positive impact on various sectors of the Nigerian economy, including construction, real estate, and infrastructure development. BUA Group remains committed to contributing to the growth and development of Nigeria through such initiatives.”
