BUA Cement Plc has announced a significant reduction in its ex-factory cement prices, effective from October 2, 2023. The company has taken this proactive step to contribute to the growth and development of the building materials and infrastructure sectors in Nigeria.
This price reduction comes ahead of the initial schedule outlined by BUA Cement, which had previously indicated its intention to lower cement prices upon the completion of new production lines later in the year.
In a statement released by the management of BUA Cement Plc, the decision to reduce prices was made following a comprehensive review of the company’s operations to improve efficiency and provide more affordable cement to the Nigerian market.
As a result of this decision, BUA Cement products will now be available at an ex-factory price of 3,500 Naira per bag. This move is aimed at enabling Nigerians to enjoy the benefits of reduced cement prices even before the completion of the new production facilities.
BUA Cement Plc is currently in the process of constructing new cement plants that will significantly increase its production capacity to 17 million metric tonnes per annum. In line with its earlier commitments, the company plans to conduct a further review of cement prices by the first quarter of 2024 upon the completion of these new facilities.
The company also stated that all pending and undelivered orders for cement products, which had been paid for at the previous prices, will be adjusted downward to reflect the new pricing of 3,500 Naira per bag starting from October 2, 2023. BUA Cement has urged its licensed dealers to ensure that end-users benefit from this price reduction, and they will closely monitor field sales to ensure compliance.
This move by BUA Cement Plc is expected to have a positive impact on the construction and infrastructure sectors in Nigeria, making cement more accessible and affordable for builders, contractors, and developers across the country.
The announcement has been well-received by stakeholders, and it is seen as a significant step toward boosting economic development and construction projects in Nigeria.
